Icelands Icesave Landisbanki Bank Debt Deal
Published / Last Updated on 04/06/2009
Iceland’s Icesave Landisbanki Bank Debt Deal
The Icelandic Government has claimed that a deal is close between the UK and Iceland over the row for compensation for UK investors in failed Icelandic Banks operating in the UK.
It was the UK compensation fund that has refunded investors in the British arms of these Banks and as a result, Icelandic bank assets in the UK were frozen pending agreements to refund losses that should be protected under EU law by the Icelandic government.
The debt to the UK compensation fund is around £3.2bn and it is thought that the debt will be repaid over a longer 7 year period at a rate of 5.5%.
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