Icesave agreement finally presented

An agreement has been reached between the governments of Iceland, the United Kingdom and the Netherlands on compensation for money held in Icesave accounts.

Icesave was the British and Dutch online savings bank of the now nationalised Landsbanki, based in Reykjavik, Iceland.

The agreement was presented this afternoon at a historic government meeting house in Reykjavik, which once served as the official residence for Prime Ministers.

Under the agreement, the Icelandic government will pay out on approximately the first EUR 20,000 in each Icesave account. The Icelandic government will not be responsible for deposited savings over EUR 20,000.

The European Union will extend a loan to Iceland for the purpose of paying off the debt to savers. The UK and the Netherlands will be among the countries providing the loan, MBL.is reports.

icenews.is