EFTA Court to Rule on Icesave on January 28

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EFTA Court to Rule on Icesave on January 28

The EFTA Court is planning to announce its verdict in its cases against Iceland because of the defunct Landsbanki’s Icesave deposits in the U.K. and Holland on January 28, as revealed on the court’s website yesterday.

landsbanki_ipa
Landsbanki. Photo copyright Icelandic Photo Agency.

The Icesave trial covers two cases filed by the EFTA Surveillance Authority (ESA) against the Icelandic state, ruv.is reports.

On the one hand, Iceland is accused of violating the European Union directive for not having repaid the EUR 20,000 (ISK 3.4 million, USD 26,000 at today’s exchange rate) insurance for each deposit in Landsbanki’s foreign branches.

On the other, the Icelandic state is said to have discriminated against depositors by fully guaranteeing deposits in banks in Iceland but not in their foreign branches.

Click here to read more about Icesave.

ESA