BREAKING NEWS: Iceland Wins Icesave Cases

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BREAKING NEWS: Iceland Wins Icesave Cases

icesave-logoIceland has won both its cases in the Icesave trial, as announced by the EFTA Court at 10:30 GMT this morning.

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

On the one hand, Iceland was 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.

Follow Iceland Review Online for in-depth coverage of the verdict.

ZR