Icesave dispute - Knowledge

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repayment with cash in pounds; meaning that the repayment to these creditors had an ISK-equivalent account value then being 1:1 proportional with the ISK/Pound-rate on 22 April 2009. Contrary to this, the creditors with claims in euros/US dollars also received cash in pounds – but now at a time when these currencies had lost value against pounds – and thus the ISK-equivalent account value then was stronger with the same percentage compared to what the currencies had weakened against the pound; meaning that the repayment to these creditors had an ISK-equivalent account-value then with a relatively higher value for the receivership than 1:1, because of repaying US dollar and euro claims with a relatively stronger Pound currency compared to 22 April 2009 registered exchange rates. Or to put in different words, the receivership by conducting the second repayment three years later than 22 April 2009 actually gained some extra positive income through exchange rate improvements for the specific cash currency (pound) involved in this repayment tranch. The applied method to calculate ISK-equivalent account values for the repayments, is in full compliance with the supreme court ruling, saying that all creditors shall be repaid by cash amounts equal to their claim as per its denoted currency; so when repaid with other currencies, then the value of this shall be booked according to the currency exchange rate between the involved currencies registered at the repayment date.

1486:), which by effect made it impossible for Iceland to continue borrow money from the free capital markets, and thus became dependent on receiving external bailout loans to meet its short term financial needs. Mark Flanagan, head of an IMF mission to Reykjavik, made this comment 10 January 2010, about Iceland's immediate need to receive cash through an IMF bailout loan: "The fund has never had a formal condition on Icesave completion. Never. How Icesave affected the timing of the review was indirect and related to the broader financing for the programme. Because other creditors of Iceland made it a condition, we had to wait until they were satisfied. The dispute between Iceland, Britain and the Netherlands concerning Icesave complicated efforts by Iceland to secure additional external financing for the programme from other participating countries. Would non-passage of "Icesave bill 2" affect financing assurances? I don't know how these things will play out. I'm not willing to speculate." 2478:. As the current capital controls only ban a swap/exchange of ISK denominated assets to foreign currency, and as 97% of the Landsbanki receivership total assets are held only in foreign currency, this new Icelandic initiative will however most likely not affect the repayment scheme for the priority claim creditors in the Landsbanki receivership – who at the moment are forecasted to be fully repaid by the first 91.2% of the receivership assets. So even if the current capital controls remain in force at an indefinite time horizon, it will only be the last 3.2% of the assets (ISK 49/1531bn) which remain to be frozen or trapped in Iceland and can not be directly repaid, which then only would negatively impact the return rate for the creditors with general claims. 1417:, and thus he recommended the president not to enact the passed bill – and if a referendum subsequently was called on the issue – he also recommended the Icelandic electorate to turn it down. The legal design flaw he had pointed out, was that the repayment agreement had a paragraph which had interfered and changed the usual creditor priority order, compared to how it normally worked according to the Icelandic law. He stated to have repeatedly pointed this important detail out to the Icelandic negotiatiers already in June 2009, then again in his article published 22 July 2009, and on several other occasions; but now he could see the issue unfortunately – and somewhat surprisingly – had not been fixed in either 2508:, into a national household debt relief fund, enabling a 20% debt relief for all household mortgages. Experts from IMF however believe, that any potentially saved money from a negotiated deal, would be eaten up by the additional costs the government will need to pay in the short term, for implementing the abolishment of capital controls. In July 2013, Standard & Poors recommended Iceland to drop the debt relief initiative, as they also believe it would only result in increased debt for the government – making it even more difficult to lend at credit markets, and the debt relief initiative was forecasted also to ignite high inflation pressures along with risk for arrival of a new economic recession equal to a GDP detraction of 10%. 1895:(including the already repaid part of the claims) covered ISK 1531bn (€9.1bn), which was above the total amount of the priority claims at ISK 1325bn (€7.8bn). The final overall value for the assets is however still subject to change, as the receivership for various reasons has been granted extra time to liquidate all remaining assets until 2018, at a pace equal to approximately ISK 100bn per year. Repayment to the creditors happen step by step at the same pace as liquidation of assets happen. The repayments so far happened through four tranches in 2011–13, which already included a full repayment of all minimum deposit guarantees, due to their first priority status within the "priority claims". As of 12 September 2013, the 1441:

money being recovered. If the receivership managed to recover enough money to cover all priority claims, the Icelandic State's loss of first priority status within the priority claims would not cause any difference. In the event the receivership only managed to recover 50% of all priority claims, there would however be a huge difference, as a first priority status then would ensure 100% coverage of the €4bn liabilities, while enactment of the Icesave bill agreements on the contrary would mean that the Icelandic state instead only would receive half of its €4bn claims towards the receivership, leaving the Icelandic state and tax payers responsible to pay for the remaining claims not being met.

1726:, meaning that it was now likely the receivership would repay 100% of the €4bn of owed minimum deposit guarantees during 2011–15, with the accrued interests being the only remaining responsibility for the Icelandic state subsequently to guarantee and cover. It was noted in the bill, that the expected remaining liabilities for the Icelandic state would now only amount to ISK 47bn (€0.24bn) in 2016, meaning it was now likely for the Icelandic state to repay all the remaining liabilities after only two years of amortisation in 2016 and 2017. The Icelandic president however once again refused to sign the new deal on 20 February 2011, and thus triggered a new Icesave referendum to be called. A 1162:(IMF) and other willing countries for the supply of a sovereign bailout package, which at that point of time got the highest priority first to settle. The Icelandic government decided in mid-October to apply for this combined sovereign bailout package, of which the IMF had offered to pay $ 2.1bn and the bilateral bailout loans being offered had a size of $ 3.0bn, and the negotiations to settle the terms for the bailout package lasted almost four weeks. When the time came for the bailout loan to be formally approved by the Board of the IMF, it however became clear that the Icesave dispute also first needed to be resolved, before the bailout loan could be transferred. 1394:, to agree with British and Dutch demands in the Icesave dispute. The bill would make it possible for Britain and the Netherlands to recoup the €4bn of minimum deposit guarantees, which they had paid on behalf of the money drained Icelandic minimum deposit guarantee fund to the British and UK Icesave customers – who had lost all their savings with the bankruptcy of Landsbanki in October 2008. The two governments would receive payments over the next 14 years after compensating the losses of more than 320,000 of the bank's customers. In the UK, deposits of up to £50,000 per account holder had been guaranteed by the British government under the 1251:(DNB, the Dutch central bank) started to refund the deposited amounts to depositors up to a maximum amount of €100,000 per person. For this operation, DNB hired sixty temporary employees who were housed on the second floor of the Bank's headquarters. With around 120,000 paper files being handled on this floor, lying around in crates, DNB realised the floor was not capable of holding this amount of weight and the entire department had to be moved. The repayment liability for the Dutch state – according to the Dutch minimum deposit guarantee scheme – equalled €1.6bn out of a total of €1.67bn being lost by Dutch retail customers 1062:"Deposit" refers to any credit balance resulting from financial deposits or transfers in normal banking transactions, which a commercial bank or savings bank is under obligation to refund under existing legal or contractual terms. However, this guarantee does not extend to bonds, bills of exchange, or other claims issued by a commercial bank or savings bank in the form of securities. Deposits, securities and cash owned by Member Companies, their parent and subsidiary companies for their own account, and deposits, securities and cash connected with convictions of money-laundering, are not covered by the guarantee 2539:

tax on failed companies could be seen as an illegal expropriation by the Icelandic state. If the Icelandic government passes this proposed law, it will almost with certainty become challenged in a lawsuit by the receivership estates behind the three failed Icelandic banks. The Kaupthing estate has released a statement pointing out they consider the proposal to be illegal, due to both infringement of private property (expropriation) and because its illegal retroactively to introduce a new tax claim with a higher creditor priority than the already filed claims towards the estates in winding-up proceedings.

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potential debt haircut towards foreign creditors of the receivership estates of Kaupthing and Glitnir. The debt relief is now instead proposed to be financed by ISK 80bn from a bank tax towards both the three defunct receivership banks and all currently operating banks in Iceland, and by ISK 70bn stemming from pension tax paid to the Icelandic state in advance – ahead of the time when pension savers retire and normally pay the tax as a levy. The plan someday to lift the capital controls still exist, but is now envisaged as something that will not happen before 2015 at the earliest.

1722:(rate being fixed to 0%) for the first three quarters of 2009. The yearly repayment amount would also be capped at the lowest of these two ceilings: Maximum 1.3% of Icelands GDP (i.e. €0.13bn in 2011), or maximum 5% of the total Icelandic government revenue from the previous year (i.e. €0.23bn in 2011). A minimum repayment was however also guaranteed by the mutual agreement, as it could never be less compared to a situation with traditional amortisation over 30 years. Finally the new deal also in practise had removed the demand for equal footing for all "priority claims" towards the 1718:. The third version of the Icesave bill entailed new terms and conditions for repayment of the full and remaining Icesave debt to UK and Netherlands, throughout a period stretching from one to 30 years starting from 2016 (with the length depending on how much time Iceland would need to repay its remaining obligations), to the sound of a fixed constant interest rate at 3.2% for 2009–15, which then ultimately would be substituted by a variable interest rate for the years beyond. Another improvement compared to the previous Icesave bills, was that it included an interest rate 1436:, as would have been the case if only the standard Icelandic receivership/bankruptcy law had applied, but instead the Icesave bills had now relegated its priority order to be equal with all other "priority claims" towards the receivership. By side-ordering all creditor priority claims, which primarily was related to the extra claims from UK and Netherlands also to seek coverage for their extended repayment of deposits to UK and Dutch savers (from the receivership and not from the Icelandic state), in reality meant that after liquidation of all positive remaining 1884:

two claims amounts to ISK 1134.4bn (€6.704bn), which is equal to 86% of all "priority claims" towards the Landsbanki receivership. Among the other priority claims are also ISK 145.4bn deposit repayment claims (equal to 11% of all "priority claims"), submitted directly by more than 200 wholesale Icesave customers in Netherlands and Great Britain, who initially received no repayment from their national authorities, but will now get a repayment on equal terms – with equal priority status – from the

1398:. The British and Dutch governments had in fact at this point of time already repaid in full, all the lost €6.7bn of deposits belonging to UK and Dutch retail customers, which was beyond the liability stipulated by their minimum deposit guarantee schemes, and now with Icesave bill 2 only requested the Icelandic state to guarantee, that the British and Dutch government over a 15-year period at least would receive a repayment equal to the applying Icelandic minimum deposit guarantees, which totaled €4bn. 1343:

4% of the accumulated basis increase of the Icelandic GDP since 2008. For UK the same repayment rules would apply for 2016–24, but with the maximum rate being lowered to 2%. An identical repayment ceiling was introduced for the repayments to Netherlands, with the only exception that the maximum rate in this case was 2% in 2017–23 and 1% in 2016–24. Remaining debts after 2024 would be cancelled. During the parliamentary debates, an assessment note for the amended bill had been delivered by the

2590: 525: 2604: 672: 770:(IMF) and other EU member countries. On 16 November 2008, a small positive step was made in the dispute, when Iceland made a press statement where they announced now to have agreed with the European Union to work actively towards negotiating a mutual agreement with United Kingdom and Netherlands, on the terms for repayment of the Icelandic minimum deposit guarantees. After this outline agreement had been made about the contours for a future agreement, the former Foreign Minister 1230:. In the event of bankruptcy of any Icelandic bank, the Icelandic guarantee scheme was responsible to repay the first €20,887 of savings held by private foreign individuals, with the foreign guarantee scheme's in other nations responsible to pay the remaining guarantee according to their rules; meaning that the Dutch and British state would pay for the remaining amount up to its guarantee of respectively a maximum of €100,000 in Netherlands and £50,000 (approx. €60,000) in UK. 2576: 1625:, into a side-ordered lower priority together with the other priority claims. Ahead of the election, a calculation program had been published to display how the following five deciding parameters would influence the repayment conditions for the Icelandic state in the Icesave dispute (which showed how big an impact the newly introduced side-ordering of priority claims caused on the subsequent repayment liabilities for the Icelandic State): 2675:"Act 13/2011: A bill to authorize the Minister of Finance to confirm the agreements, which were signed in London on 8 December 2010, to guarantee repayment of the Guarantee Fund to the British and Dutch governments on the costs of payment of minimum guarantees to depositors in branches of Landsbanki in the UK and the Netherlands, and the payment of the balance and interest on these obligations. (document 546, issue 388, session 139)" 94:(FME), 343,306 retail depositors in the UK and Netherlands that held accounts in the "Icesave" branch of Landsbanki lost a total of €6.7 bn of savings. Because no immediate repayment was expected by any Icelandic institutions, the Dutch and British national deposit guarantee schemes covered repayment up to the maximum limit for the national deposit guarantees – and the Dutch and British states covered the rest. 824: 274: – identical to those suffered by Icesave depositors in the UK and the Netherlands. In this case, German authorities quickly seized all assets and deposits in Germany before the Icelandic managers were able to move them, thus preventing them from being transferred to Iceland or other offshore accounts. German depositors started to get their capital back on 22 June 2009, but lost accrued interest. 1745:(LBI) published a quarterly financial status, where its total recovery of assets was estimated to equal roughly 96% (ISK 1263bn/1319bn) of all priority claims towards the receivership, which implied a full repayment of all minimum deposit guarantees already by the end of 2013, due to their first priority status within the "priority claims". Assuming this estimate was correct, then the Icelandic state with 2497:, during the period 2014–18. These specific repayment transfers are by some people speculated to be impossible, if the capital controls gets abolished, as such abolishment would be expected to drain the foreign capital reserves held by New Landsbanki; and thus a deal to remove capital controls is speculated will also need to imply a prolonged maturity (or repayment agreement) for these bonds. 433:(CBI) received the first warning sign by representatives from foreign banks and credit rating agencies, who concluded that the Icelandic banks were in a serious situation and that immediate action was needed to manage the current situation. CBI was advised to make a request towards Landsbanki, that they should prepare for a transfer of the Icesave accounts from their foreign branch into a UK 1820:

letter from the government contains arguments that alter our preliminary conclusions in the case, the next formal step would be to send Iceland a final warning, a Reasoned Opinion. This final warning will give Iceland two months to rectify their breach of the EEA Agreement. If Iceland continues to be in breach of the agreement, the case will be sent to the EFTA Court.

969:, the only case to have considered Directive 94/19/EC, begins: "If the compensation of depositors is ensured, …". The ECJ then went on to uphold the immunity of the German authorities from civil liability for alleged failings in banking supervision (as per Recital 24) given that the depositors had been compensated up to the minimum set by the Directive. 2084:

the currency mix being more or less equal when comparing the claims with the held assets, the risk for currency exchange losses are expected to be relatively low for the receivership. The table below provides an overview of the currency composition of the first three partial repayments and how currency exchange rates were at the time compared to 22 April 2009.

1474:, ensured towards the international community that her government was still committed to campaign for electoral approval of the Dutch and UK loan guarantee agreements, because these agreements were considered to pave the way for enactment of a comprehensive IMF bailout package to Iceland, and thus viewed as being integral to the country's economic revival. 1177:, and thus Iceland felt it was not the Icelandic states responsibility to guarantee/pay for the payment of such minimum deposit guarantees to the British and Dutch savers, and apparently instead preferred to leave them unpaid while referring them to legal proceedings over the alleged failure of British and Dutch watchdogs for the financial services sector. 2070:

when winding-up proceedings were initiated; which was as per 22 April 2009 for the Landsbanki receivership. Moreover, it was believed the creditors had no legal right to claim compensation towards the Landsbanki receivership for any potential losses they may suffer, because of exchange rate fluctuations after 22 April 2009. On 26 September 2013, the

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have to provide the cover, although most operate some sort of fund to which credit institutions contribute, as in Iceland. In principle, if the fund cannot meet depositors' claims in the event of a default by a member of the scheme, it is for the remaining credit institutions to make up the difference. Such a move was impossible in the case of the

213:(English: "the transparent savings bank"). It offered a single type of account: an immediate-access savings account which initially offered 5 per cent interest, later increased to 5.25 per cent. In the five months that it operated in the Netherlands, Icesave attracted more than 125,000 customers who deposited €1.7 billion. 1193:. Thus it was only the Icelandic authorities having a legal responsibility in the case, and this fact alone emphasized the need for a solution about the payment of minimum deposit guarantees to the Dutch and British Icesave account holders, either to be reached with the Icelandic state or the Icelandic Depositors' and Investors' Guarantee Fund. 1371:, and continued to block the payment of the second tranche of the IMF loans, and argued they would continue to do so until the Icelandic state were willing to pass a repayment agreement that would guarantee a full repayment of the entire amount of their owings (although they were ready to renegotiate the terms). 623:, passed at 10 a.m. on 8 October 2008 to come into force ten minutes later, the Treasury went on to freeze the assets of Landsbanki and assets belonging to the Central Bank of Iceland, and the Government of Iceland relating to Landsbanki. The freezing order took advantage of provisions in Part 2 of the 1502:, meaning that the Icelandic state as an unwanted consequence suddenly faced much higher liabilities compared to how the Icelandic law normally would regulate the matter, it was now a fact in February 2010 that basically all Icelandic politicians had started to recommend the Icelandic people to vote no for the 102:, but later proposed bilateral loan guarantees for repayment were rejected by Icelandic voters in two separate referendums. The Icesave disputes and associated referendums sparked a nationalist backlash in Iceland, which some scholars have attributed as a factor in reducing support in Iceland for EU accession. 1173:

because of the systemic bankruptcy of Icelands three leading banks. It was rumoured that Iceland would refuse the loan offered by the UK and Netherlands, as those two loans were only earmarked for the repayment of minimum deposit guarantees to the Icesave bank, which was a foreign branch of the now bankrupt

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As the receivership mainly holds bank assets valuated in foreign currencies, the repayment of claims is likewise expected to be conducted through partial repayments mainly in foreign currencies, equal to the available cash currency basket stemming from liquidated assets on the payment day. Because of

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The UK and the Netherlands, however, did not accept this new Icelandic proposal. After rejecting the Icelandic proposal, UK and the Netherlands, instead presented a counter proposal in which they offered variable interest rates, which were significantly lower than the previously agreed upon 5.5%, and

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The news about the included design flaw in the Icesave bills related to the unfavourable side-ordering of all the creditors "priority claims", and hence if this bill was enacted a significant increase of liabilities for the Icelandic state compared to status quo, ignited a wide dissatisfaction in the

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In addition to the offered bailout loans for the Icelandic state, there was also at that point of time three special loans from Germany + UK + Netherlands, being offered to Iceland and earmarked for the repayment of minimum deposit guarantees to those account-holders having lost their private savings

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Iceland contends that its actions are "based on objective considerations independent of the nationality of the persons concerned" (the consideration being the location of the branches of the collapsed banks) and are "proportionate to the objective being legitimately pursued" (the legitimate objective

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programme on RÚV on 13 November, he stated that Landsbanki's remaining assets according to his knowledge should be enough to cover the claims of British and Dutch Icesave depositors. He thus directly contradicted the recent statement by Geir Haarde, that the UK was insisting on "conditions that would

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announced that the UK government would launch legal action against Iceland. The British Treasury and FSA proceeded to freeze an estimated ISK 690.4bn (€4.0bn) worth of British assets of Landsbanki branches in Britain. Concerning Kaupthing and its British subsidiaries, the UK also managed to seize its

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Icesave accounts were accounts with Landsbanki's branches in London and Amsterdam, as the logo used in the United Kingdom made clear: "Icesave, part of Landsbanki, Reykjavik, Iceland". As Icesave was marketed as part of Landsbanki, the later complaints of the United Kingdom and Netherlands related to

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had, through liquidation of the first half of its assets, managed to repay the first 53.9% (ISK 715bn, €4.23bn) of all the priority claims, and expected the remaining part would be fully repaid by the end of 2017. The claims for accrued interests after 22 April 2009, related to the delayed repayment

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According to the Landsbanki receivership's initial interpretation of the Icelandic law, the creditor claims in foreign currency towards a liquidated Icelandic financial company in receivership, should only be repaid by an ISK-equivalent amount as per the currency exchange rate registered on the date

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The Authority has taken note of the outcome of the Icelandic referendum concerning the Icesave issue. We now expect a swift answer from the Icelandic government to our Letter of Formal Notice of May last year. We will assess the government's reply before we take further steps in the case. Unless the

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stated that the call for an Icesave election by the Icelandic president, had created "a new wave of political, economic and financial uncertainty", and characterized his decision as a "step back in the attempts to re-establish normal financial relations with the rest of the world", that now caused a

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assets, then this recovery would no longer first be used 100% to repay all of the €4bn big minimum deposit guarantees to the Icelandic state, but due to the side-ordering of creditor priorities the Icelandic state would straight from the start only be repaid by the receivership by a 51% share of the

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method) should be calculated, with these figures being accumulated from year to year. Then the yearly repayments should be conducted in 2017–23 to the degree of what an IMF evaluation had found was within sustainable limits, but in all circumstances still also within a maximum amount for UK equal to

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would be able to raise the necessary money within the time limits of Directive 94/19/EC, because the guarantee fund only had ISK 10bn of funds per October 2008 to meet the pile of claims for minimum deposit guarantee repayments equal to ISK 600bn. While no public comment was made concerning the

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The complication is that both the UK and the Netherlands exclude local authorities and larger private corporations from their deposit insurance schemes, as is possible (but not obligatory) under Directive 94/19/EC, on the grounds that larger organizations should have more capacity to judge (and

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Whereas this Directive may not result in the Member States' or their competent authorities' being made liable in respect of depositors if they have ensured that one or more schemes guaranteeing deposits or credit institutions themselves and ensuring the compensation or protection of depositors under

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The FME placed Landsbanki in receivership early on 7 October. A press release from the FME stated that all of Landsbanki's Icelandic branches, call centres, ATMs and internet operations will be open for business as usual, and that all "domestic deposits" were fully guaranteed. The Icesave UK website

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Another new repayment restriction under consideration, is that the Icelandic government on 1 October 2013 presented a proposal for their 2014 budget law, to include a new 0.145% tax on all transfers from estates of failed financial companies. Some lawyers however have the opinion, that this kind of

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were exempted from this amended law, because it only involved available cash stemming from liquidation conducted ahead of 12 March 2012. All future repayment tranches will however be impacted by the amended law, which stipulates that the Icelandic minister of finance and minister of banking have to

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Calculated as ISK-equivalent repayment value for the receivership by the entity of the FX 22 April 2009 valued claims, while adjusting for currency exchange rate fluctuations happening on each payment date. In example for the second repayment tranch, all creditors with claims in pounds received 1:1

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was presented to the Icelandic parliament in June 2009. However, the Althing debate revealed wide opposition -even within the government- about the repayment conditions, and thus the parliament unilaterally added an amendment to the bill which set a maximum ceiling on the yearly repayments based on

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to meet separately with their Icelandic counterparts, in talks which all sides described as "constructive" and "in a friendly atmosphere". An agreement with the Netherlands was announced on 11 October, while the negotiations for an agreement with UK was described as being in "significant progress".

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This means that Icelandic local authorities and corporations had their deposits (not including bonds) guaranteed at 100 per cent by the Icelandic government, while British and Dutch organisations in the same situation had no cover whatsoever. The Dutch government was forced to use a royal

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that the Icelandic government was outraged that the UK government applied provisions of "anti-terrorism legislation" to it in a move they dubbed a "very unfriendly act". In a statement to the Althing on 15 October, Haarde again criticized the British government, saying that its actions "had nothing

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only to personal savers and operated in ten countries. One major difference between Kaupthing Edge and Icesave was that Kaupthing Edge accounts were usually held not with branches but with subsidiaries. This means responsibility for regulation of the subsidiaries and provision of deposit guarantees

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as "priority claims" pursuant to Article 112 of "Act No.21/1991 on Bankruptcy", and noted these mentioned figures included contractual interest rates for the UK part and some extra penalty interest rates (6%) for the Dutch part for the period from 8 October 2008 until 22 April 2009. Together these

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on 15 December 2011. Defence by the Government of Iceland was received by the Court on 8 March 2012 and a reply from the EFTA Surveillance Authority was received on 11 April 2012. The Governments of United Kingdom, Netherlands, Liechtenstein and Norway, as well as the European Commission have also

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retail depositors. The repayment conditions were however still subject of further negotiation with EU involvement. The Dutch government confirmed on 20 November that its loan to Iceland had been finalised. The settlement of the €5bn earmarked minimum deposit guarantee loans, at the same time paved

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was the first negotiated loan agreement, attempting to define the repayment terms for these two loans. It was enacted on 2 September 2009 but was not accepted by the governments of the UK and Netherlands, due to a unilaterally attached term added by the Icelandic parliament which limited Iceland's

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The Icelandic government appointed a taskforce to present proposals on how to achieve the government's goals, which on 30 November 2013, proposed the Icelandic parliament to launch a debt relief plan from 2014–17, being completely independent of the idea to lift capital controls and the idea of a

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According to the latest evaluation of the planned recovery of asset values, it is expected all "Priority claims" will have been fully repaid by the end of 2017. Any additional claims for accrued interests after 22 April 2009 due to the delayed repayment of priority claims, will only be treated as

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case, "Directive 94/19 seeks to introduce cover for depositors, wherever deposits are located in the Community, in the event of the unavailability of deposits made with a credit institution which is a member of a deposit guarantee-scheme". The directive does not specify how the Member States

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Haarde, before the Althing again on 30 October, criticized the UK's "absurd decision to invoke the Terrorism Act against Icelandic interests in Britain", which became "the virulent measures of the UK authorities" in front of the Federation of Icelandic Fishing Vessel Owners the following day. The

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The next day, the Central Bank of Iceland stated that problems with international payments to and from Iceland were "directly attributable to the extremely harmful actions taken by the British authorities" a claim that was repeated on 21 October. The allegations were reiterated by Davíð Oddsson,

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however ruled against this initial law interpretation of the Landsbanki receivership, concluding all creditors should be fully repaid with currency amounts equal to the denoted local currency of their claim; meaning that when repaid with other currencies, then valuation of this amount should be

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On 2 May 2011, the Icelandic Ministry of Economic Affairs published a response to the EFTA Surveillance Authority's letter of 20 May 2010, maintaining that Iceland "did not fail to comply with its obligations under Directive 94/19/EC." On 10 June 2011, the EFTA Surveillance Authority ruled that

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in the referendum being scheduled to take place on 6 March 2010. On this background, it was decided by the Icelandic politicians instead to start a new round of negotiations to attempt fixing the issue and reach a new better compromise in the Icesave dispute. An Icelandic delegation was sent to

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guarantees ISK 1.7 million on the basis of a fixed euro–ISK exchange rate, equivalent to €20,887. The Netherlands and the UK have higher guarantee levels, €100,000 and £50,000 (approx. €60,000) respectively; Landsbanki was a member of the Dutch and British compensation schemes for the

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accounts" and that "There is a good probability that the total assets of Landsbankinn will be sufficient to cover the deposits in IceSave." Later that day, he said that the Icelandic government was in no way running away from its obligations and suggested that Brown's remarks were grounded in a

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with a proposal for a new repayment agreement to remove the unwanted negative effects for the Icelandic state, while solving the dispute by still accepting the Icelandic state make a guarantee for a full repayment of the €4bn big loan to cover the minimum deposit guarantee obligation. This new

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of the €3.8bn minimum deposit guarantees stemming from the losses on the foreign Icesave deposit accounts. The repayment basically functioned as a states guaranteed repayment of the €3.8bn to UK and Netherlands, previously being owed to them by the – at that point of time money

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Iceland was therefore liable to reimburse these governments. Additionally, EFTA criticised Iceland for the difference in treatment of international and domestic accounts. Iceland was given two months to respond. After initially ignoring the ESA letter, Iceland formally responded on 2 May 2011.

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In their evaluation of the ongoing IceSave dispute, the EFTA Surveillance Authority (ESA) decided on 26 May 2010, that the Icelandic government was bound to pay the (minimum) deposit guarantee to all Icesave customers. As the UK and Dutch governments had already paid savers in their countries,

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It is in this regard settled case-law that the principle of non-discrimination requires that comparable situations must not be treated differently and that different situations must not be treated in the same way. Such treatment may be justified only if it is based on objective considerations

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about their move, and it also provoked more than 80,000 Icelandics (equal to 25% of its entire population) to sign an online petition set up under the heading "Icelanders are not terrorists". The relationship became more tense, and Iceland made it clear that UK patrols in its airspace were not

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In Finland and Norway, the local financial supervisors took over Kaupthing's operations and guaranteed deposits. In Austria, a private agreement was reached between the Austrian authorities and Kaupthing's receivers, with accounts being transferred to other banks. In Germany there were serious

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The dispute centred on the demand by the British and Dutch states that the Icelandic state should repay the Icelandic minimum deposit guarantees (up to €20,887 per account holder), equal to £2.35 bn (€2.7 bn) repaid to the UK and €1.3 bn repaid to the Netherlands. The Icelandic state

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for all future claim repayments stemming from companies with a larger balance sheet than ISK 400bn, even if it only involves a transfer of foreign currency. This mean, that the Icelandic state now potentially also can block for any further repayment of foreign currency to the creditors of the

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described the decision as "obviously disappointing", and further said that "we tried to get a negotiated settlement. We have an obligation to get that money back, and we will continue to pursue that until we do... We have a difficult financial position as a country and this money would help".

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A resolution of the Joint Parliamentary Committee of the EEA adopted unanimously on 28 October 2009, notes the "lack of clarity" of EU Directive 94/19/EC over the legal obligations of governments if national guarantee funds do not suffice to cover deposit guarantees; moreover, the resolution

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however reported, that the requested liquidity deposit in order to takeover liabilities for minimum deposit guarantees, allegedly proposed by the UK FSA, might instead have been as high as 50 percent of the Icesave banks retail deposits (some ten-times higher), a figure which would have

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On 18 November, once the IMF Board had approved its emergency loan, the UK and Netherlands agreed in addition to lend Iceland respectively £2.2 billion (€2.6bn) and €1.3 billion, earmarked for the coverage of Icelandic minimum deposit guarantees for the UK and Dutch Icesave retail

2520:

On 12 March 2012, the Icelandic government amended – by Act No 17/2012 – the existing Act No 87/1992 on Foreign Exchange, so that its paragraph five of Article 13n now represents new currency restrictions for repayment of foreign currency to creditors in any

199:

rates on these accounts were over 6 per cent, among the best rates offered by online banks to UK customers at the time (2006–07). At the time of Landsbanki's collapse, the bank had over 300,000 Icesave customers in the UK, with deposits of over £4 billion (€5 billion).

1859:, meaning that no loan agreement will be settled between the Icelandic state and the UK and the Netherlands, to guarantee their claim for repayment of Icelandic minimum deposit guarantees worth €4.0bn (ISK 674bn) plus accrued interests. This claim will however still exist towards the 5528: 993:: "It shall always be permissible to reimburse the value of deposits, securities, or cash in Icelandic currency (ISK), even though the original transactions may have been in another currency." Fortunately for the value of the ISK, it has never been seriously suggested that the 428:

Once the Icesave dispute had got underway, it became clear that there had been several high-level contacts between the British and Icelandic governments in the weeks (and even months) before Landsbanki's collapse. On 12 February 2008, at an International meeting in London, the

512:

over the weekend of 4–5 October discussing the position of the Icelandic-owned banks operating in the UK, after Glitnir had failed to repay British wholesale depositors on Friday 3 October. The result of the meeting was a letter dated 5 October 2008 on behalf of the Icelandic

392:. As Landsbanki had been acquiring assets in Iceland with foreign loans and deposits, the assets of Nýi Landsbanki exceeded its liabilities (domestic deposits and government equity capital) by ISK 558.1 billion (€3.87bn, £3.06bn), even after Nýi Landsbanki had made 1363:

of the owed €3.8bn minimum deposit guarantees; meaning the size of the repayment liabilities for the Icelandic State was likely in all circumstances to be limited, as it would only takeover the remaining part of this unpaid liability (incl. accrued interest) in 2016–24.

1831:

Iceland should take steps towards paying the full amount to the UK and the Netherlands within three months after the ruling. The Icelandic Minister of Economic Affairs Árni Páll Árnason made a statement to the Icelandic Parliament on the same day rejecting this ruling.

1014:. The contention is that, by guaranteeing deposits at Icelandic branches but not at overseas branches, the Icelandic government is unfairly (or "illegally") favouring Icelanders, be they individuals or corporations. Iceland roundly denies the charge of discrimination. 33: 1903:

secondary "general claims", and thus only be repaid once all of the "Priority claims" have been repaid in full, and then only to the extent it is possible on an equal footing together with all the other remaining ISK 1677bn (€9.9bn) of "General claims" towards the

396:

for over half its loans to customers. Icesave deposits, along with all foreign borrowings, remained in the old Landsbanki, which was left with ISK 1743 billion (€12.1bn, £9.56bn) in assets to face up to ISK 3197 billion of liabilities (€22.2bn, £17.5bn).

1866:

The combined deposit repayment claims from retail Icesave customers in Netherlands and Great Britain (including both the minimum depositor guarantees, and the deposit values in excess of the Icelandic guarantee), were at first hand covered respectively by the UK

1319:(IMF). After unilaterally having amended the bill with a special ceiling for the state's guaranteed repayment, which greatly reduced the risk and liabilities for the Icelandic state, the two government parties voted through the bill in the parliament. President 1709:

After the referendum, a negotiating committee was formed under the chairmanship of Lee Buchheit, and new negotiations commenced. On 16 February 2011, the Icelandic parliament agreed to a repayment deal with the votes 44 for and 16 against, formally entitled

1540:

described the new Icelandic offer as a "significant step towards them ". The UK and Dutch government officials refused to discuss this new offer by Iceland. Talks continued until 5 March 2010. As no agreement was reached by the end of this day, the original

1796:

The final result of the referendum was announced on 11 April 2011; 39.7% of voters voted in favor of the agreement (69,462 votes) and 58.9% voted against it (103,207 votes), with the remaining 1.4% of the ballots being invalid. The voter turnout was 77.2%.

1572:(Iceland's parliament) approved a motion on 8 January 2010, which called for the referendum to be held by 6 March at the latest. The motion passed by 49–0 with 14 abstentions, and a few days later the referendum was scheduled to be held on 6 March 2010. 1009:

The second, if not primary claim of the British and Dutch governments is that Iceland is in breach of its obligations under Article 4 of the EEA Agreement which prohibits "any discrimination on grounds of nationality", echoing Article 7 of the

972:

The Directive imposes a minimum guarantee of €20,000 per depositor; moves to increase this minimum to €50,000 or even higher had been agreed politically before the Icelandic crisis, but had not been incorporated into EU law, much less into EEA law. The

725:, who normally has only a figurehead role in Icelandic politics, made comments about Britain at an informal lunch with foreign diplomats on 7 November: his comments about Britain were described as "directly insulting" by a Norwegian diplomat present. 627:, and was made "because the Treasury believed that action to the detriment of the UK's economy (or part of it) had been or was likely to be taken by certain persons who are the government of or resident of a country or territory outside the UK." UK 765:

and EU member states were putting pressure on Icelandic authorities to reach an agreement with Britain and the Netherlands over the Icesave dispute, and this would be a prerequisite to activation of the bailout loans Iceland had applied for, from

331:, in response to the "unusual financial market circumstances". In a separate measure, the government also guaranteed "that deposits in domestic commercial and savings banks and their branches in Iceland will be fully covered." That evening, the 708:

When the bulk of our banking system collapsed in the space of a few days in October and the British placed a fellow NATO member on a list together with the most notorious terrorists on the planet – a list that included not only

939:

The Icelandic government has stated that the directive was never intended to cover the case of a systemic failure, and does not impose a sovereign guarantee on deposit insurance schemes. In a speech on 3 March 2009, the Dutch Finance Minister

355:

announced: "We are not currently processing any deposits or any withdrawal requests through our Icesave internet accounts. We apologise for any inconvenience this may cause our customers. We hope to provide you with more information shortly."

1528:

would be the Dutch final offer. Public statements were not available to reveal whether or not the counter proposal from UK and Netherlands, had managed to remove the unwanted effect of having side-ordered all the creditor claims towards the

1153:

Although the delegations "agreed to work closely on the other remaining issues over the coming days", there was no public sign of movement on the issue for the next four weeks. The main reason for this was the simultaneous eruption of the

5532: 4561:"Resolutions adopted pursuant to Rules 11 and 13 of the Rules of Procedure, at the 33rd meeting of the Joint Parliamentary Committee in Trondheim, 28 October 2009 – Resolution: The EEA and the Global Financial Crisis: Promoting recovery" 1842:

The Oral Hearing in the case took place on 18 September 2012. The judgment was delivered on 28 January 2013 and Iceland was cleared of all claims in the case. The decision of the Court was widely reported in the international media. The

1129:

The Dutch agreement in its first version to be presented for the Althing, would mean in case of being approved, that Netherlands would lend Iceland €1.1 billion earmarked for repayment of the estimated liabilities for the Icelandic

2473:

in April 2013, which as one of their top priorities wanted to negotiate a debt haircut towards foreign creditors of the three failed Icelandic banks now in receivership, as part of a deal to lift the long enforced (since November 2008)

1314:

potentially could not afford to cover by itself. The government however argued, that if the parliament failed to pass the bill, then Britain and the Netherlands might retaliate by blocking a planned aid package for Iceland from the

749:, the former chairman and leading shareholder in Landsbanki, who in the eyes of the media now had become an unpopular figure in Iceland after his bank's collapse, but presumably had more popularity in Great Britain as the owner of 675:

Over 80,000 people signed an online petition against Britain's use of "anti-terrorism legislation" against Landsbanki, under the theme "Icelanders are NOT terrorists". Many sent in satirical images such as this one as part of the

156:, meaning that Iceland was freed from the disputed obligation for deposit guarantees worth €4.0 bn (ISK 674 bn) plus accrued interest to UK and the Netherlands. This caused shock, as some legal experts had suggested the 782:

by stating: "I think reaching an agreement was the only way to go... for believing that they can get away with corresponding with other nations in such a way ", while she added that Britain's behaviour could also not be excused.

733:

appropriate given the state of affairs and subsequently on 14 November the UK had to cancel its patrols and defense of the Icelandic airspace, which before the dispute had been scheduled to start in December 2008. Iceland has no

642:

since those powers were revised in 2001. Such unilateral sanctions have never been common, but the previous version of these powers (section 2, Emergency Laws (Re-enactments and Repeals) Act 1964) had been used against

1524:

moreover accepted to waive the accrued interests for 2009–10. This offer was estimated to save the Icelandic government €450 million compared to the previous agreements, an offer which according to the Dutch Minister of finance

6490: 2079:

on the repayment date. Thus ensuring that all creditors bare no currency exchange risks, with these risks – and potential financial burdens – instead to be upheld solely by the receivership.

1259:. The repayment liability for the British state – according to the British minimum deposit guarantee scheme – equalled £3.5bn out of a total of £4.53bn being lost by British retail customers 5045:"A bill to authorize the Minister of Finance, on behalf of the Government to guarantee loans to the Guarantee Fund of the British and Dutch governments to cover payments to depositors of Landsbanki (Þskj. 204-136th issue)" 5023:"Legislation authorizing the Minister of Finance, on behalf of the Government to guarantee loans to the Guarantee Fund by the British and Dutch governments to cover payments to depositors of Landsbanki (law nr.96 in 2009)" 110:

repayment guarantee only to 2024, with automatic cancellation of any potential owing still existing beyond this year. Instead, UK and Netherlands then counter proposed a new version of the loan agreement, referred to as

4902: 1158:, which was threatening the Icelandic state with a potential bankruptcy, due to the fact that 85% of its banking sector had turned into bankruptcy within a few weeks. Thus the government was in a critical need to apply 547:, made his live public television appearance about how the Icelandic State would respond to foreign debt obligations left by bankrupt banks, the UK Chancellor had a telephone conversation with his Icelandic counterpart 114:, where no time limit was included for the Icelandic state's repayment guarantee. This was at first accepted by the Icelandic parliament, but the Icelandic president refused to enact the law and referred approval to a 1243:

bailout loan, but also for a transfer of some bilateral bailout loans for the Icelandic state, with $ 2.5bn being transferred by Denmark + Sweden + Norway + Finland, $ 0.2bn from Poland, $ 0.05bn from Faroes Island.

3718: 944:

said: "First and foremost, European countries need to take a close look at how the deposit guarantee scheme is organised. It was not designed to deal with a systemic crisis but with the collapse of a single bank."

1180:

In regards of the responsible authority for the monitoring and control of financial activities performed by the Icesave bank, it was however later established this had always been the sole responsibility of the

1567:

on 5 January 2010, it was clear that a referendum on the bill was now needed. The referendum was the first to be held in Iceland since its independence referendum in 1944, and required special legislation. The

184:. It operated in two countries – the United Kingdom (from October 2006) and the Netherlands (from May 2008). The bank intended to roll the brand out to additional territories in 2008 and 2009. 744:

A deviating Icelandic response, compared to the general Icelandic opinion about the Icesave dispute – as it had been reflected by the Icelandic government and media, came on 13 November from

2457:

of priority claims, will however only be treated as secondary general claims; and the estimated value of the receivership's liquidated assets will not be sufficient to meet these additional claims in full.

1185:(FME) with the minimum deposit guarantees also to be covered by the Icelandic Depositors' and Investors' Guarantee Fund, because the Icesave bank had been established as a foreign branch by the Icelandic 2446:

ISK 14bn were returned in 2012 to the receivership from ESCROW-accounts, as some of the remaining disputed claims got settled by the court in its favour. Thus the net total got reduced from ISK 662bn to

1386:, voting almost strictly by party lines (with two defections from the governing parties to the opposition), narrowly (33-30) passed a new version of the Icesave bill – formally entitled 2806: 1621:, due to a design flaw in the bill, which accidentally had converted the by Icelandic law defined first priority creditor claim for repayment of the Icelandic minimum deposit guarantees from the 3616:"Decision of the Financial Supervisory Authority (FME) on the disposal of assets and liabilities of Landsbanki Íslands hf., ID no. 540291-2259, to New Landsbanki Íslands hf., ID no. 471008-0280" 1046:, the independent body responsible for overseeing local government finances, admitted having £10 million deposited with Landsbanki and its subsidiary Heritable Bank. In the Netherlands, 22 961:

The Member States of the European Union contest the interpretation of the Icelandic government, and consider that a sovereign "guarantee of last resort", similar to the role of central banks as

1463:

responded saying that "The Icelandic people, if they took that decision , would effectively be saying that Iceland doesn't want to be part of the international financial system," while Dutch

1189:. The foreign authorities would only have had the responsibility to monitor and control the Icesave bank, if it had been established as an independent UK/Dutch subsidiary being fully owned by 3968: 1749:

would only be liable in 2016 to conduct repayments to the British and Dutch states, for the accrued 3.2% interests related to the delayed repayment of minimum deposit guarantees in 2009-13.

986:

has exceptionally guaranteed retail deposits in excess of £50,000 which were held in Icelandic-owned banks in the UK at the time of the crisis, at a cost of some £1.4 billion (€1.7bn).

320:. Matters came to a head during the weekend of 4–5 October, with numerous comments in the British press and on discussion forums questioning the solvency of Icelandic banks. This prompted a 3439: 2535:. No court has yet judged, if this extended power of the Icelandic State, also to decide the pace of foreign currency repayments and not only ISK currency repayments, is legal or illegal. 1470:

called such a decision "unacceptable" and stated that whatever the outcome of the Icelandic referendum, Iceland would still be "compelled to pay back the money". Iceland's prime minister,

1367:

As the altered bill, no longer guaranteed a 100% repayment of the €3.8bn owed for the minimum deposit guarantees, the Dutch and UK governments however opted not to accept the enacted

1863:

as a so-called "First priority claim", and will be met in full if the receivership succeeds to liquidate assets with a value equal to or in excess of this first priority liability.

1482:

further downgrade of Iceland's credit rating from BBB− to BB+. The downgrade of its rating to BB+, meant Iceland became categorized as a non-investment-grade country (also known as

5950: 5555: 2548: 4604:

Article 7 of the Treaty of Rome, is now known as Art. 12 EC: it will become Article 18 of the Treaty on the Functioning of the European Union if and when the

3749: 6988: 4910: 3541:"Based on New Legislation, the Icelandic Financial Supervisory Authority (IFSA) Proceeds to take Control of Landsbanki to ensure Continued Commercial Bank Operations in Iceland" 1453:

declared that he would not sign the bill and called for a referendum. Opinion polls predicted that a sizable majority of Icelanders would vote against the bill in a referendum.

1445:

Icelandic electorate, and the president was petitioned by some 56,000 people, or approximately 23% of Iceland's voters, not to enact the bill and instead put the issue before a

3180: 1793:

ruled out a third referendum, saying that "I think we're getting a very clear sign from this referendum, that further negotiations are ruled out. No use in trying that again".

1310:

At the parliamentary vote, the 15 opponents of the bill had argued that no clear legal obligation existed for the Icelandic state to pay/guarantee for those lost deposits that

4855: 1326:

The introduced repayment ceiling under the amended bill was rather complicated. It was supposed to work in this way, that starting from 2008 the yearly increase of Icelandic

6854: 5671: 4502: 4465: 3726: 5092: 4236:"Address by Davíd Oddsson, Chairman of the Board of Governors of the Central Bank of Iceland, at a breakfast meeting of the Iceland Chamber of Commerce, November 18, 2008" 687:

issued a statement saying "The Icelandic government appreciates that the British authorities are willing to step in and respond to the immediate concerns of depositors of

3370: 2481:

The only minor risk for the receivership's "priority claim creditors" seems to be, that the receivership might face political demands to extend the maturity of its owned

6805: 6086: 1875:(DNB), due to the inability/unwillingness for other Icelandic stakeholders to step in and ensure/guarantee immediate coverage for these claims. On 28 October 2011, the 936:

because Icelandic law states that "Member Companies shall not be liable for any commitments entered into by the Fund beyond their statutory contributions to the Fund."

5820: 5066: 1752:

After preliminary results suggested that the improved deal had been rejected by the referendum, with 58% of voters voting against it and 42% voting in favor, both the

737:

of its own, and relies on a long-term standing agreement with NATO where a group of member states have committed in turns to defend the Icelandic airspace, and the UK

4418: 4366: 4310: 373:

and stated that "we do not intend to pay the debts of the banks that have been a little heedless". He compared the government's measures to the U.S. intervention at

5739: 1835: 1806: 521:

in raising the necessary funds, so that the Fund would be able to meet the minimum compensation limits in the event of a failure of Landsbanki and its UK branch."

2841: 1001:

expresses regret that "significant pressure seems to have been employed" by the IMF on Iceland to reach an agreement with the United Kingdom and the Netherlands.

3681: 713:

but also the Republic of Iceland – it was no wonder that foreign exchange activity between Iceland and other nations should be utterly paralysed.

445:(FSA) in July 2008 had insisted such a transfer into a subsidiary should happen, Landsbanki continued to run Icesave as a foreign branch until it went bankrupt. 5995: 4396: 1879:

ruled, that the UK FSCS and the Dutch DNB combined deposit repayments of respectively ISK 852.1bn (£4.459bn) and ISK 282.3bn (€1.668bn) should be repaid by the

978:

purposes of guaranteeing this difference in cover, an arrangement known in Britain as the "passport system", and commonly used by banks throughout the EEA (see

164:

to repay confiscated deposits (including minimum deposit guarantees) as priority claims, totaling ISK 852 bn (£4.46 bn, €5.03 bn) to the UK

141:, it was again rejected, by 59% of Icelandic voters. After analysing the election result, stakeholders decided not to attempt negotiation of a further improved 6965: 5294: 4764: 4708: 4588: 2489:, as part of the Icelandic government's overall capital control abolition initiative, which would then delay liquidation of this specific asset. The nicknamed 1234:

depositors. Likewise, Germany also agreed to lend Iceland €1.1 billion, earmarked for the coverage of Icelandic minimum deposit guarantees for the German

157: 3129: 187:

In the UK, Icesave's marketing slogan was "clear difference", and it offered three types of savings accounts: an immediate-access savings account, cash ISA (

2873: 1786:

announced legal actions against Iceland, stating that the time to negotiate had come to an end, while Iceland is still obligated to refund the Netherlands.

2493:, concern two bonds with a total value of ISK 297bn (€1.76bn), that currently are due for yearly repayments in foreign currency from New Landsbanki to the 965:, is the only way of "ensuring the compensation or protection of depositors" as required by the Directive. The ruling of the European Court of Justice in 98:

refused to take on this liability on behalf of the guarantee fund. Originally this was because the state lost funding access at credit markets due to the

3972: 2500:

The Icelandic government intent somehow to route the saved money from the negotiated debt haircut for creditors belonging to the receivership estates of

700:

to do with salvaging British interests" and were "absolutely unacceptable". He also reiterated that Iceland was considering legal action against the UK.

5134: 4560: 2970: 377:, and suggested that foreign creditors would "unfortunately only get 5–10–15% of their claims". A long-standing opponent of Icelandic membership of the 5394: 5382: 4730: 1536:

Iceland rejected the offer by the UK and the Netherlands, but did present yet a new proposal to the UK and the Netherlands. Iceland's finance minister

1146:

content of the Icelandic discussions with the UK, it was widely assumed that the UK would offer a similar type of loan to cover the liabilities of the

921: 288:

There had been concern about possible weakness of the Icelandic banking system throughout 2008, especially following the decline in value of the ISK,

6844: 5135:"Iceland approves UK payout after Icesave collapse claim: Iceland gives green light to €4bn payout after UK and Dutch governments compensated savers" 3065: 1516:

assets received by the UK and the Netherlands, by secreting and transferring asset values (equal to their claims without accrued interests) from the

648: 125:, renewed negotiations started on the terms for the repayment agreement. The negotiations resulted, in December 2010, in an adjusted agreement named 4006: 478:, to discuss how the recently increased financial problems for Icelandic-owned banks operating in the UK should be handled. It was later claimed by 3015: 1058:

absorb) risk than the general public. Iceland makes a much more sparing use of this provision, so its definition of a guaranteed deposit is wider:

741:

had now cancelled this after mutual agreement with NATO (although presumably with another member state having accepted to takeover the liability).

5511: 3443: 1576: 1433: 1301: 1131: 893: 518: 82:) had no remaining funds to make good on deposit guarantees to foreign Landsbanki depositors who held savings in the Icesave branch of the bank. 73: 6307: 5838:"EFTA Surveillance Authority delivers reasoned opinion on the Icesave dispute – Statement by the Minister of Economic Affairs to the Parliament" 3518: 6935: 6800: 1409:, Ragnar Hall, went public with a strong criticism on the repayment agreement, as it had been outlined with the same legal design flaw both in 1078: 441:. Landsbanki indeed sought legal advice for such a move on 22 February, but for unknown reasons dropped the idea in April, and although the UK 343:. The administrators later said that "The main reason for the Bank’s difficulties has been the placing of funds with its UK fellow subsidiary, 5910: 5885: 7219: 6237: 6140: 1214:

commented "We are isolated when all 27 EU member states agree that we have to reach an accord on Icesave." Talks began almost immediately in

6329: 6215: 5152: 5150: 989:

Finally, the emergency powers, passed by the Althing on the night of 6 October, contain a measure (Art. 8(a)) stating in regard of the

6859: 6714: 6281: 2744: 2470: 385:

as national currency, he also claimed that "f we were tied to the euro, we would just have to succumb to the laws of Germany and France."

69: 3232: 2813: 459:

in London on 24 April 2008, this was the first event where Iceland's problems with its banking sector was discussed at the highest level.

6905: 6666: 6556: 6451: 5752: 5147: 3850: 3295: 624: 5559: 5273: 3942: 3757: 129:, with better terms for Iceland. This included the removal of a previous creditor priority issue, a lower 3% interest rate, an interest 7224: 6950: 6874: 6057: 5205: 4506: 4235: 1704: 1558: 4131: 1287:. On 28 August 2009, Iceland's parliament voted 34–15 (with 14 abstentions) to approve this amended bill (commonly referred to as the 7130: 6960: 6588: 4547: 2642: 2637: 1727: 1182: 997:

pay out more than ISK 600 billion to British and Dutch depositors, simply to see them try to sell those ISK on the open market.

160:

would win. The repayment claim still existed as a claim on the Landsbanki receivership, who one year earlier had been ordered by the

138: 115: 91: 4672: 3877: 3269: 2894: 1899:

had through liquidation of the first half of its assets, managed to repay the first 53.9% (ISK 715.2bn) of all the priority claims.

1211: 6790: 6643: 5381:

Icelandic, "verulegt skref í áttina að þeim og það geri það enn dapurlegra að ekki hafi farið í gang eiginlegar samningaviðræður".

1546: 424:. Even in April, the problems of the Icelandic banking sector were one of the topics of discussion between the two Prime Ministers. 99: 5837: 5792: 5678: 4462: 4197: 3924: 388:

Two days later, on 9 October, the Icelandic assets and liabilities of Landsbanki were transferred to a new government-owned bank,

6884: 6681: 3905: 3184: 514: 5096: 2075:

calculated by converting it to the claim's denoted currency, according to the foreign currency exchange rates registered by the

1834:

On 14 December 2011, the EFTA Surveillance Authority lodged a formal application with the EFTA Court. The EFTA Court opened the

6671: 3207: 2647: 1868: 1395: 1226:. An outline agreement was reached on 16 November, with the Icelandic government accepting to guarantee the liabilities of the 1155: 487: 479: 438: 421: 340: 283: 165: 6093: 3639: 7194: 7140: 6869: 6839: 6760: 5354: 3588: 3377: 2764: 2652: 2466: 1856: 1169:

said that the Netherlands would oppose activation of the IMF loan, unless a mutual agreement first was reached over Icesave.

180:

Icesave was an online savings account brand owned and operated by the private Landsbanki bank from 2006 to 2008 that offered

153: 5817: 5070: 4499: 6900: 6755: 6621: 4426: 4404: 4374: 4318: 1203:

said that Iceland would have to reach an agreement to resolve the Icesave dispute before it could expect any help from the

1197: 628: 449: 6189: 3158: 619:

On 8 October, Alistair Darling announced that he was taking steps to freeze the assets of Landsbanki in the UK. Under the

7214: 4057: 3466: 2918: 1026:

independent of the nationality of the persons concerned and is proportionate to the objective being legitimately pursued.

5612: 2781: 1278:

A final repayment agreement was reached between UK, Netherlands and Icelandic negotiators, and a bill formally entitled

7199: 7045: 6930: 5628: 5595: 4513: 4078: 1223: 930:

as the remaining Icelandic credit institutions were far too small in relation to the claims of Icesave depositors, and

6491:"Summary of the opinion of the Winding-up Committee on the Bill proposing amendments to the Bank Tax Act No. 155/2010" 4183:"Address to the Althing on the economic situation in Iceland by His Excellency the Prime Minister, Mr. Geir H. Haarde" 3692: 6940: 6925: 6849: 6452:"Sigrún Davíðsdóttir's Icelog: Iceland: capital controls, government action – and (possible) creditor counteractions" 6354: 6002: 5863: 4704: 3371:"Act No. 125/2008 on the Authority for Treasury Disbursements due to Unusual Financial Market Circumstances etc" 1163: 1043: 867: 608:

No, we don’t think so and think this is actually in line with what other countries have been doing over recent days.

4585: 2549:

Bergmann, Eiríkur. 2017. "The Icesave Dispute: A Case Study into the Crisis of Diplomacy during the Credit Crunch."

2521:

receivership estates. In that regard, it shall be noted that all of the first four repayment tranches repaid by the

849: 7209: 7168: 6795: 6626: 6376: 6238:"Sigrún Davíðsdóttir's Icelog: Aspects of capital controls in Iceland and Cyprus and the long time damaging effect" 4887: 4840: 4690: 4654: 4635: 1253:(of which €1.33bn equalled the Icelandic minimum deposit guarantee liabilities, ultimately to be covered by either 539:

On the afternoon of 7 October, after Landsbanki had been placed into receivership – but before the

172:. By January 2016, the Landsbanki receivership had, through liquidation of assets, repaid all the priority claims. 6259: 6032: 4216: 2848: 1261:(of which £2.2bn equalled the Icelandic minimum deposit guarantee liabilities, ultimately to be covered by either 7123: 6616: 6398: 4618: 4532: 4450: 4271:"Address by Prime Minister Geir H. Haarde to the Federation of Icelandic Fishing Vessel Owners October 31st 2008" 1122:

however a few days later announced, that the agreement with the Netherlands would first need the approval of the

806:

that Iceland's actions surrounding the collapse of Landsbanki are discriminatory against non-Icelandic creditors.

638:

The Landsbanki Freezing Order was the first time that the UK government had used its powers to impose unilateral

309: 7163: 7040: 6775: 6770: 4932: 2632: 1200: 1077:

from attempting to seize Landsbanki assets through the courts outside the Netherlands: speaking on 7 November,

834: 620: 548: 6543: 5641: 1764: 1471: 746: 483: 351:

stated "the directors of Landsbanki Guernsey took appropriate steps by putting the bank into administration."

6945: 6879: 6780: 6581: 4995: 4564: 3417: 1790: 1787: 1537: 1141:

of Landsbanki was expected to drag on for up till seven years, and without a loan it was highly unlikely the

1038:

The situation is complicated by the position of so-called "wholesale" depositors. In the United Kingdom, 123

4738: 4451:

Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes

1498:

agreement, which had put an equal stand to the priority of all the creditor's "priority claims" towards the

6864: 6676: 5778: 5581: 5206:"Ragnar Hall support Icesave 3 contract, but said public debate had been mistaken on one of its provisions" 4760: 4463:

Decision of the EEA Joint Committee No 18/94 of amending Annex IX (Financial Services) to the EEA Agreement

4032: 1457: 1359:

through this liquidation would have received an amount big enough to repay the Dutch and British state 75%

1042:

and other public bodies had a total of £920 million (€1.1bn) deposited with Icelandic banks. Even the

779: 771: 505:

subsequently denied ever to have offered such an agreement, as no such document existed in their archives.

486:, that the UK FSA had agreed to takeover the liability for minimum Icesave deposit guarantees under the UK 442: 5341: 3183:[Finland Kaupthing continues - "so far"] (in Finnish). Kauppalehti. 9 October 2008. Archived from 6534: 1812: 1688:

When the votes had been counted, the result of the referendum was a resoundingly defeat for the proposed

1607: 1450: 1320: 1316: 1240: 1159: 1084:

said "Their behaviour is hindering the difficult and complex discussions with the Icelandic government."

775: 767: 722: 532: 475: 471: 463: 336: 4705:"Icesave: Iceland obliged to ensure payment of the minimum compensation to British and Dutch depositors" 3069: 3019: 6650: 5932: 4815: 4509:) plus ISK<!(non-break) space here?-->2.5bn raised in 2008 to keep within the statutory minimum ( 4340: 3540: 2996: 2974: 1208: 791:

The arguments of the British and Dutch governments are based on their interpretation of the law of the

348: 188: 53: 5508: 7189: 7060: 6970: 6638: 6611: 4959: 4157: 3322: 1761: 1137:

to the Dutch depositors in the Icesave branch of Landsbanki. The reason behind the loan was that the

916: 681: 363: 3247: 7204: 7055: 6810: 6686: 6574: 5320: 4061: 3491: 3348: 2071: 1876: 1406: 885: 161: 133:

until 1 October 2009, and a possible extension of the "repayment window" up to 30 years. When the

6765: 6633: 6355:"Sigrún Davíðsdóttir's Icelog: Debt "Correction" outlined – but funding (still) a pie in the sky" 5951:"Verdicts of the Supreme Court of Iceland in disputes concerning UK and Dutch wholesale deposits" 5198: 4074: 4053: 3835: 2557: 2527: 2076: 1617:

On the election day basically all Icelandic politicians recommended the electorate to vote no to

1600: 1344: 845: 540: 430: 359: 327:

On 6 October, the Icelandic government pushed an emergency law through Iceland's parliament, the

17: 1847:

addressed the Court's ruling in an editorial calling it "a victory for law and economic sense."

1456:

On the day that President Grímsson announced that he would not sign the new Icesave law, the UK

1432:, would mean that the highest creditor priority would no longer be held solely by the Icelandic 1109:

The first attempts at resolving the Icesave dispute came the very weekend after the collapse of

1039: 900:) funded by 1 per cent of insured deposits. At the time of Landsbanki's collapse, the 6785: 6553: 3091: 1327: 1284: 792: 393: 305: 304:

by international standards, and their combined foreign debt was more than five times Iceland's

5756: 5556:"Official confirmation of huge Iceland 'no' vote in Icesave referendum - IceNews - Daily News" 4978: 4486: 3562: 2756: 1734:. A group of 15 concerned citizens organised under the name of Advice.is and campaigned for a 7135: 7082: 7035: 5274:"Bos uitblijven oplossing Icesave onaanvaardbaar (Bos: absent solution Icesave unacceptable)" 4873: 4800: 4786: 4270: 4256: 4182: 4109: 3946: 3394: 2945: 2595: 1872: 1047: 962: 265:, from 4 September 2008, attracting 200–300 customers with about €3 million in deposits. 169: 6260:"Sigrún Davíðsdóttir's Icelog: The plan for abolishing capital controls is… er, a "no-plan"" 4239: 1649:(with an exclusive first priority for repayment of the Icelandic minimum deposit guarantees) 1635:(depending on its success rate, and that valuation of assets can change in the years ahead). 7158: 5008: 4135: 3921: 1753: 1604: 957:

the conditions prescribed in this Directive have been introduced and officially recognized;

750: 719: 1778:

Alexander further stated that the matter would be referred to an international court, the

8: 7118: 7050: 4676: 3881: 1248: 932: 889: 841: 734: 660: 3657: 3042: 2064:

Liability was not repaid by cash from liquidated assets, but got settled by other means.

7100: 7076: 6734: 6707: 5841: 5796: 4201: 2725: 2609: 1757: 639: 544: 366: 301: 292:, (35 per cent from January to September 2008). Iceland's three major banks: 4284: 3902: 2698:"Referendums as resistance: international pressures and nationalist recoil in Iceland" 1670: 1575:

The referendum was held to approve the terms of a state guarantee on the debts of the

289: 7145: 5139: 4624:(Reference for a preliminary ruling from the Conseil d'État (Belgium)). ECR I-11613. 3615: 2760: 2729: 2717: 1783: 1599:

obligations in those countries. The referendum was held under article 26 of the

1596: 881: 417: 374: 271: 1050:

had a total of €220 million deposited in Icelandic banks, with the province of

551: 389: 6473: 6434: 5712: 4605: 3636: 3106: 2752: 2709: 1719: 1695: 1464: 1081: 1011: 905: 696: 528: 467: 130: 5473: 5445: 5419: 5406: 5368: 5259: 5242: 5119: 3799: 3797: 2713: 1351:

had finished its liquidation of all positive financial assets from the bankrupted

888: 94/19/EC, which was incorporated into EEA law by decision 18/94 of the 7094: 6597: 6560: 6547: 6420: 6121:(in Icelandic). Hæstiréttur Íslands (Supreme Court of Iceland). 24 September 2013 5824: 5515: 5491: 5022: 4592: 4517: 4469: 3928: 3909: 3643: 2475: 1844: 1771: 738: 728:

Angered by the British decision, Iceland decided to submit a formal complaint to

496: 490:(FSCS) in return for a liquidity deposit (most likely in the form of an external 317: 316:, especially after the collapse in mid-September of U.S. financial-services firm 233: 181: 5355:"IJsland wist took laatste bod Bos af (Iceland also rejects final offer by Bos)" 5226: 5044: 3780: 3682:"Events leading up to the failure of Kaupthing Singer & Friedlander Limited" 2697: 2674: 7009: 6955: 6739: 6541:

Icesave umfjöllun [Compiled judicial information on the Icesave ruling]

6421:"Law on Foreign Exchange (Law no. 87, 17 November 1992) - consolidated version" 5864:"Icesave: Iceland to be taken to Court for failing to pay minimum compensation" 3794: 2627: 2622: 2581: 2505: 1674: 1588: 1331: 1235: 1204: 762: 491: 378: 344: 297: 229: 225: 192: 57: 5158: 4538:(Reference for a preliminary ruling from the Bundesgerichtshof). ECR I-09425. 3851:"Transcript of conversation between Chancellor and Icelandic Finance Minister" 3831: 2922: 948:

The Icelandic government has repeatedly asked that the matter be taken to the

7183: 6724: 6719: 6702: 4257:"Address of Prime Minister Geir H. Haarde to the Althingi, October 30th 2008" 3265: 2721: 1292: 1074: 1051: 909: 892:. Iceland transposed the directive into national law in 1999, setting up the 656: 524: 4510: 671: 6401:[Debt reduced immediately] (in Icelandic). Mbl.is. 30 November 2013 6118: 5183: 2878: 2874:"Britain has been fully reimbursed for Icesave bank collapse, Iceland says" 912:

of the time and far from sufficient to cover the Dutch and British claims.

631: 452: 413: 217:

different treatment of Icelandic Landsbanki accounts and Icesave accounts.

65: 1114: 576:

Yes, we guarantee the deposits in the banks and branches here in Iceland.

509: 7088: 6729: 6162: 6160: 6158: 1913:

Status for claims towards the Landsbanki receivership as of 30 June 2013

1768: 1592: 1483: 1478: 1460: 1296: 1138: 1119: 983: 684: 568:

Do I understand that you guarantee the deposits of Icelandic depositors?

502: 456: 409: 313: 1017:

The jurisprudence of the European Court of Justice is summarized in the

405: 6515:

Icelandic Ministry for Foreign Affairs extensive information on Icesave

6446: 6444: 5277: 4220: 2617: 2486: 1779: 1525: 1467: 1446: 1437: 1166: 1110: 949: 941: 710: 434: 146: 61: 6474:"Frumvarp til fjárlaga fyrir árið 2014 (The budget proposal for 2014)" 6155: 6052: 6050: 5840:. Icelandic Ministry of Economic Affairs. 10 June 2011. Archived from 4856:"Iceland close to reaching compensation deal for UK Icesave customers" 4487:

Act No 98/1999 on Deposit Guarantees and Investor- Compensation Scheme

3804: 3689:

Annex A (Chronology of events ahead of the failure of Icelandic banks)

3676: 3674: 3415: 3349:"How Long Can Icelandic Banks Last?, Will all Icelanders go bankrupt?" 3323:"The party's over for Iceland, the island that tried to buy the world" 1610:

refused to counter-sign the corresponding Act of Parliament (known as

3613: 3538: 2501: 1512:

Icelandic offer, was described as focusing to maximize the amount of

1489: 1031:

being the survival of a banking system – and hence a

652: 517:, stating that: "If needed the Icelandic Government will support the 437:, so that it could be subject to UK law for bank supervision and the 420:

on 24 April 2008, was the only time the two men had met prior to the

293: 45: 6441: 5795:. Icelandic Ministry of Economic Affairs. 2 May 2011. Archived from 5156: 4090:

Emergency Laws (Re-enactments and Repeals) Act 1964 c. 60.

1760:

expressed their disappointment at the preliminary result. Iceland's

1150:

towards the British depositors in the Icesave branch of Landsbanki.

852:. Statements consisting only of original research should be removed. 7004: 6540: 6047: 5717: 5649: 5450: 5289: 5287: 4960:"Operatie Icesave: 20.000 spaarders moeten formulier nog opsturen!" 4000: 3998: 3996: 3994: 3992: 3990: 3671: 1339: 1215: 644: 501:

paralysed Landsbanki's retail operations in London. The UK FSA and

332: 321: 196: 6566: 6514: 4903:"UK Treasury lends Iceland £2.2bn to compensate Icesave customers" 2801: 2799: 1428:

According to Ragnar Hall, any enactment of the current version of

6330:"Iceland Premier Says No Date to Lift Controls (video interview)" 6092:. Landsbanki receivership (LBI). 28 November 2012. Archived from 3064:

Brogger, Tasneem; Einarsdottir, Helga Kristin (11 October 2008).

2836: 2834: 2460: 1850: 1569: 1383: 1123: 328: 262: 256: 244: 49: 6377:"Greiða 37,5 milljarða á næsta ári (Pay 37.5 billion next year)" 5284: 3987: 1639:

All the creditor's "priority claims" can either be side-ordered

1563:

After the Icelandic president had refused to sign and enact the

1405:

had been passed by the Althing, a highly respected judge of the

592:

No, not outside of what was already in the letter that we sent.

6989:

List of banks acquired or bankrupted during the Great Recession

6001:. Landsbanki receivership (LBI). 2 October 2013. Archived from 5162: 4498:

ISK<!(non-break) space here?-->8.3bn at the end of 2007 (

4073:

Multilateral sanctions are imposed under section 1 of the

3646:

for 9 October 2008: EURISK = 144.27; GBPISK = 182.31.

2796: 1508: 1219: 1032: 704:

chairman of the governors of the central bank, on 18 November:

250: 5009:"Vísir - Forsetinn skrifaði undir lög um ríkisábyrgð í morgun" 3747: 3719:"Gordon Brown 'warned over Iceland banking problems in April'" 3519:"Landsbanki's Operations Continued Under Unchanged Management" 3233:"BaFin orders moratorium on Kaupthing Bank hf., German branch" 2831: 1520:

over to a public owned liquidation unit in the two countries.

1374: 494:) of £200 million (€240 million). British newspaper 370: 6349: 6347: 6308:"Iceland Keeps Western Europe's Highest Rate as Krona Stable" 5990: 5988: 5677:. Landsbanki receivership (LBI). 2 March 2011. Archived from 5529:"Icesave costs - what is the commitment and debt for Iceland" 4217:"Status of domestic and international payment intermediation" 4198:"Status of domestic and international payment intermediation" 4033:"U.K. Used Anti-Terrorism Law to Seize Icelandic Bank Assets" 1684:(EUR), used for repayment to Netherlands of the €1.33bn loan. 1126:, before being declared to be a final and settled agreement. 979: 908:

of only ISK 10.8 billion, about €68 million at the

240:

In four cases Kaupthing Edge accounts were held in branches:

6824: 6081: 6079: 6077: 6075: 5986: 5984: 5982: 5980: 5978: 5976: 5974: 5972: 5970: 5968: 3127: 3000: 1664:(it was 5.55% in January 2010, but can change in the future) 6167: 5793:"Icelandic authorities respond to ESA over Icesave dispute" 5613:

Iceland president triggers referendum on Icesave repayments

3655: 3159:"Österreichische Kaupthing-Kunden erhalten ihr Geld zurück" 2847:. Supreme Court of Iceland. 28 October 2011. Archived from 2812:. Supreme Court of Iceland. 28 October 2011. Archived from 1811:

After the results of the 2011 referendum became known, The

1800: 1681: 1584: 1552: 1335: 1101: 729: 382: 72:

in Iceland to go bankrupt within a few days, the Icelandic

6344: 6141:"Supreme Court ruling regarding FX rates/partial Payments" 3943:"Financial sanctions > Current regimes > Landsbanki" 3838:

from the original on 14 December 2021 – via YouTube.

3781:"Kannast ekki við drauma-pakkann sem Björgólfur sagði frá" 369:, was interviewed on Icelandic public service broadcaster 32: 6855:

Dodd–Frank Wall Street Reform and Consumer Protection Act

6216:"Iceland Lacks Currency for Easy Exit of Krona Creditors" 6072: 6027: 6025: 6023: 5965: 5664: 4563:. Mission of Norway to the European Union. Archived from 3440:"Further update on Landsbanki Guernsey in administration" 3416:

Guernsey Financial Services Commission (7 October 2008).

1891:

As of 30 June 2013, the total value of the assets in the

1680:

Currency exchange rate between Icelandic króna (ISK) and

1270: 6529: 3810:. Icelands: Ministry of Business Affairs. 5 October 2008 3658:"Iceland: Request for Stand-By Arrangement—Staff Report" 3614:

Financial Supervisory Authority (FME) (9 October 2008).

3539:

Financial Supervisory Authority (FME) (7 October 2008).

6519: 6435:"Act amending the Exchange Act, no.87/1992, as amended" 5531:(in Icelandic). Mbl.is. 21 January 2010. Archived from 5184:"Why is Mr Hall clause still so important for Icesave?" 5157:

Hörður Felix Harðarson; Ragnar H. Hall (22 July 2009).

4214: 4195: 3778: 3066:"Iceland Reaches Deposit Accord With U.K., Netherlands" 2551:

Icelandic E-Journal of Nordic and Mediterranean Studies

554:

in which the question of deposit insurance was raised:

6966:

National fiscal policy response to the Great Recession

6020: 5911:"Case E-16/11 - EFTA Surveillance Authority v Iceland" 5886:"Case E-16/11 - EFTA Surveillance Authority v Iceland" 5707: 5705: 5703: 5701: 5699: 5227:

Iceland petition against pay-out over Icesave collapse

4765:

European Free Trade Association Surveillance Authority

4709:

European Free Trade Association Surveillance Authority

4636:"Council cash in Icelandic banks tops £900m, says LGA" 4311:"Iceland's President Criticizes Neighboring Countries" 2973:. Agence France-Presse. 8 October 2008. Archived from 2515: 799:

that the Icelandic government is obliged to guarantee

259:, from March 2008, attracting about 30,000 depositors. 6035:. LBI hf (Landsbanki receivership). 13 September 2013 5186:(in Icelandic). Bjarni Kristjansson. 14 December 2010 4012:. Journal of Financial Education (Spring/Summer 2011) 1730:, asking the Icelandic electorate to vote yes/no for 1692:, with 93% voting against and less than 2% in favor. 1291:), which covered the conditions for the repayment to 60:

which began after the privately owned Icelandic bank

6524: 6058:"News announcement from LBI hf. - Creditors Meeting" 5642:"English | advice.is | Rökin gegn Icesave" 5093:"PM: Iceland cannot wait much longer for IMF payout" 4367:"Former Landsbanki Owner: Assets Will Cover Icesave" 3878:"Statement by the Chancellor on financial stability" 3748:

Leftly, Mark; Northedge, Richard (12 October 2008).

3104: 2807:"FSCS vs Landsbanki receivership, case nr. 340_2011" 2571: 1836:

Case E-16/11 – EFTA Surveillance Authority v Iceland

1807:

Case E-16/11 – EFTA Surveillance Authority v Iceland

1677:(GBP), used for repayment to UK of the £2.35bn loan. 1390: – being an amendment of the former 90:

When Landsbanki was placed into receivership by the

5696: 4134:(in Icelandic). RÚV. 8 October 2008. Archived from 3561:Osborne, Hilary; Brignall, Miles (7 October 2008). 3128:Ruhkamp, Stefan; Mußler, Hanno (24 November 2008). 3063: 2842:"DNB vs Landsbanki receivership, case nr. 341_2011" 2782:"UK loses out as Iceland escapes Icesave repayment" 2695: 1494:Due to the recently discovered design flaws in the 810:The Icelandic government disputes these positions. 312:, this debt was becoming increasingly difficult to 232:and its subsidiaries from 2007 to 2008. It offered 203:In the Netherlands, Icesave's marketing slogan was 7085:(Europe, Middle East and North Africa, Asia; 2009) 6060:. LBI hf (Landsbanki receivership). 2 October 2013 5407:Iceland holds referendum on Icesave repayment plan 4652: 4633: 4535:Peter Paul and Others v Bundesrepublik Deutschland 4004: 3248:"Icelandic banks paying dear for funding strategy" 3208:"Norway takes charge of Kaupthing's Norwegian arm" 3013: 952:, and points to Recital 24 to the directive: 228:was an online savings brand owned and operated by 68:on 7 October 2008. As Landsbanki was one of three 6168:"Valuta-kurser.no (currency exchange calculator)" 4874:"Agreed Guidelines Reached on Deposit Guarantees" 3492:"Iceland government seizes control of Landsbanki" 3130:"Kritik an Staatshilfe für Kaupthing-Geschädigte" 2696:Helgadóttir, Oddný; Ólafsson, Jón Gunnar (2021). 1323:signed and enacted the bill on 2 September 2009. 7181: 6893: 6282:"S&P warns Iceland over debt write-off plan" 5295:"Iceland's voters set to remain out in the cold" 4691:"Dutch, British block IMF loan to Iceland – NRC" 4675:. DutchNews.nl. 20 November 2008. Archived from 4548:Wouter Bos: Six Questions for the Banking Sector 3969:"UK govt launching legal action against Iceland" 3656:International Monetary Fund (15 November 2008). 3293: 2669: 2667: 1767:stated that "the worst option had been chosen"; 1662:be paid on remaining debt repayments in 2009–24 1587:4 billion loan from the governments of the 1113:, when British and Dutch officials travelled to 635:assets and transfer them to the Dutch bank ING. 6119:"Þriðjudaginn 24. september 2013: Nr. 553/2013" 5866:. EFTA Surveillance Authority. 14 December 2011 5596:"IJslandse parlement stemt in met Icesave-deal" 5161:[How can this happen?] (in Icelandic). 5132: 5067:"British and Dutch stance on Icesave hardening" 4341:"British air force mission to Iceland scrapped" 3560: 3418:"Landsbanki Guernsey Limited in Administration" 3040: 2892: 795:(EEA), and around two positions in particular: 400: 77: 27:Dispute between Iceland and foreign depositors. 6936:American Recovery and Reinvestment Act of 2009 6801:Office of Federal Housing Enterprise Oversight 5905: 5903: 5818:ESA: Iceland is responsible for Icesave refund 4787:"Dutch and Icelandic understanding on IceSave" 4655:"Government watchdog invested £10m in Iceland" 3489: 3320: 3264: 2461:How capital controls impact creditor repayment 1851:Landsbanki liquidation and repayment of claims 1079:Minister of the Interior and Kingdom Relations 761:In November, media reports indicated that the 118:, where voters subsequently rejected the law. 6582: 6554:Icesave loan agreements and related documents 5629:President IJsland tekent Icesave-akkoord niet 5492:"Iceland decision on bank set for referendum" 4900: 4853: 4813: 4233: 3716: 2664: 2558:Baudenbacher C. (2019) The Icesave Saga. In: 1581:Tryggingarsjóður innstæðueigenda og fjárfesta 659:in 1982. The powers themselves date from the 600:But is that not in breach of the EEA Treaty? 335:subsidiary of Landsbanki went into voluntary 70:systemically important financial institutions 6860:Emergency Economic Stabilization Act of 2008 6143:. Landsbanki Receivership. 26 September 2013 6087:"LBI financial information as of 30.09.2012" 5755:. Island-Blog. 11 April 2011. Archived from 5095:. Icenews. 29 September 2009. Archived from 5069:. IceNews. 28 September 2009. Archived from 4976: 4957: 4876:. Prime Minister's Office. 16 November 2008. 4397:"Iceland to Strive for Agreement on Icesave" 4110:"Statement by the Prime Minister of Iceland" 2742: 1477:On 5 January 2010, the credit rating agency 1355:by the end of 2015, then it was very likely 6535:Icelandic Government's Official Information 5900: 4933:"Dutch, German and British loan to Iceland" 4803:. Prime Minister's Office. 11 October 2008. 4789:. Prime Minister's Office. 11 October 2008. 4273:. Prime Minister's Office. 3 November 2008. 4259:. Prime Minister's Office. 3 November 2008. 4251: 4249: 4215:Central Bank of Iceland (21 October 2008). 4196:Central Bank of Iceland (16 October 2008). 4185:. Prime Minister's Office. 15 October 2008. 4177: 4175: 3922:Anti-terrorism, Crime and Security Act 2001 3829: 3464: 1067:Paras. 3 and 6 of Article 9, Act No 98/1999 625:Anti-terrorism, Crime and Security Act 2001 324:in the UK (and possibly in other markets). 206: 204: 6997: 6951:Fraud Enforcement and Recovery Act of 2009 6875:Term Asset-Backed Securities Loan Facility 6589: 6575: 5740:Nederland stapt naar de rechter om Icesave 5438: 5243:Iceland leader vetoes bank repayments bill 5208:(in Icelandic). Visir.is. 21 February 2011 4507:National and University Library of Iceland 4007:"Case Study: Iceland's Financial Meltdown" 3971:. Citywire. 8 October 2008. Archived from 3750:"Lawyers head to Iceland to get cash back" 3691:. HM Treasury. 1 June 2012. Archived from 3563:"Icesave freezes deposits and withdrawals" 3516: 3351:. HousePriceCrash Forums. 4–5 October 2008 3181:"Suomen Kaupthing jatkaa - "toistaiseksi"" 2677:(in Icelandic). Althingi. 15 December 2010 1705:Icelandic loan guarantees referendum, 2011 1559:Icelandic loan guarantees referendum, 2010 1196:At a press conference on 12 November, the 358:That evening, one of the governors of the 7131:Effects of the Great Recession on museums 6961:Housing and Economic Recovery Act of 2008 6845:China–Japan–South Korea trilateral summit 5996:"LBI financial information at 30.06.2013" 5371:. 26 February 2010 – via bbc.co.uk. 5122:. 31 December 2009 – via bbc.co.uk. 4238:. Central Bank of Iceland. Archived from 4227: 4112:. Prime Minister's Office. 8 October 2008 4030: 3832:"Davíð Oddsson comments on external debt" 3397:. Prime Minister's Office. 6 October 2008 2643:2011 Icelandic loan guarantees referendum 2638:2010 Icelandic loan guarantees referendum 1857:EFTA Court cleared Iceland of all charges 1577:Depositors' and Investors' Guarantee Fund 1449:. On 5 January 2010, Icelandic President 1434:Depositors' and Investors' Guarantee Fund 1302:Depositors' and Investors' Guarantee Fund 1183:Icelandic Financial Supervisory Authority 1132:Depositors' and Investors' Guarantee Fund 894:Depositors' and Investors' Guarantee Fund 868:Learn how and when to remove this message 519:Depositors' and Investors' Guarantee Fund 277: 154:EFTA Court cleared Iceland of all charges 92:Icelandic Financial Supervisory Authority 74:Depositors' and Investors' Guarantee Fund 6825:Government policy and spending responses 6791:Government National Mortgage Association 6437:(in Icelandic). Althingi. 13 March 2012. 6379:(in Icelandic). Mbl.is. 30 November 2013 5713:"Iceland rejects Icesave repayment deal" 4482: 4480: 4478: 4446: 4444: 4263: 4246: 4172: 3779:Friðrik Þór Guðmundsson (2 March 2009). 3467:"Chief Minister Statement on Landsbanki" 3437: 3161:(in German). Die Presse. 29 October 2008 3107:"Garanterer for norske Kaupthing-kunder" 2882:. Agence France-Presse. 13 January 2016. 2749:Oxford Research Encyclopedia of Politics 1801:EFTA Court clears Iceland of all charges 1490:Negotiations to improve "Icesave bill 2" 670: 523: 404: 31: 6885:2008 United Kingdom bank rescue package 6423:(in Icelandic). Althingi. 5 April 2013. 6190:"Iceland's creditors braced for losses" 5509:Declaration by the President of Iceland 5323:(in Dutch). NU.nl (ANP). 5 January 2010 5262:. 5 January 2010 – via bbc.co.uk. 4979:"Iceland parliament approves debt bill" 4586:Agreement on the European Economic Area 3940: 3875: 3869: 3848: 3581: 3105:Andersen, Tor Øyvind (9 October 2008). 2757:10.1093/acrefore/9780190228637.013.1035 1096: 508:Officials from the UK Treasury were in 168:and ISK 282 bn (€1.67 bn) to 145:, but instead to refer the case to the 14: 7182: 4665: 4653:Mulholland, Hélène (16 October 2008). 4634:Mulholland, Hélène (17 October 2008). 4528: 4526: 4285:"Iceland: Denmark has turned its back" 4160:(in Icelandic). mbl.is. 9 October 2008 2779: 1869:Financial Services Compensation Scheme 1396:Financial Services Compensation Scheme 803:the first €20,000 in Icesave accounts; 695:On the following day Haarde said at a 649:Unilateral Declaration of Independence 584:But not the branches outside Iceland? 488:Financial Services Compensation Scheme 341:Guernsey Financial Services Commission 166:Financial Services Compensation Scheme 6870:Temporary Liquidity Guarantee Program 6840:Banking (Special Provisions) Act 2008 6823: 6761:Federal Deposit Insurance Corporation 6570: 6550:– University of Iceland Law Institute 4977:Valdimarsson, Omar (28 August 2009). 4888:"Dutch €1.3bn loan to Iceland agreed" 4673:"Dutch €1.3bn loan to Iceland agreed" 4475: 4441: 3296:"An icy blast cuts deep into Iceland" 3205: 3153: 3151: 3121: 3018:(in Dutch). depers.nl. Archived from 2997:"Icesave – de transparante spaarbank" 2943: 2653:EFTA Surveillance Authority v Iceland 1714:but more commonly referred to as the 1004: 116:referendum being held on 6 March 2010 6756:Consumer Financial Protection Bureau 5446:"Icesave referendum set for 6 March" 4841:"Iceland may refuse €1bn Dutch loan" 4816:"Iceland's rescue package flounders" 4132:"Samið verður við Breta um ábyrgðir" 3876:Darling, Alistair (8 October 2008). 3849:Hipwell, Deirdre (24 October 2008). 2780:McGagh, Michelle (29 January 2013). 1300:drained – Icelandic 1198:President of the European Commission 880:Within the EEA, the requirement for 817: 813: 7046:Collateralized mortgage obligations 6596: 5933:"Saga ends with Icesave redemption" 5474:"Iceland plans vote on bank payout" 5420:"Referendum due on Icesave pay-out" 5120:"Iceland approves new Icesave deal" 4523: 4058:Office of Public Sector Information 3649: 3294:Goodman, Matthew (5 October 2008). 3245: 2893:Landsbanki h.f. (28 January 2008). 2526:agree on exemptions granted by the 2516:New creditor repayment restrictions 1728:referendum was held on 9 April 2011 1239:the way not only for the US$ 2.1bn 455:met with his Icelandic counterpart 439:UK minimum deposit guarantee scheme 416:in happier times. This meeting, at 24: 6332:. Bloomberg L.P. 20 September 2013 5369:"Iceland repayment talks collapse" 5133:Alistair Dawber (1 January 2010). 4901:Mason, Rowena (20 November 2008). 4854:Mason, Rowena (14 November 2008). 4814:Ibison, David (11 November 2008). 4425:. 17 November 2008. Archived from 4403:. 13 November 2008. Archived from 4373:. 14 November 2008. Archived from 4317:. 13 November 2008. Archived from 4234:Davíð Oddsson (18 November 2008). 4005:Arthur L. Sentonze (6 June 2011). 3903:The Landsbanki Freezing Order 2008 3376:. Tryggingarsjóður. Archived from 3173: 3148: 3043:"Spaarstunter Icesave slaat terug" 3014:Rotteveel, Mathijs (29 May 2008). 2745:"Iceland and European Integration" 2648:2008–11 Icelandic financial crisis 2542: 1815:released the following statement: 1224:Presidency of the European Council 1087: 786: 661:Defence (General) Regulations 1939 284:2008–11 Icelandic financial crisis 25: 7236: 7141:2007–2008 world food price crisis 6941:Chinese economic stimulus program 6926:2008 European Union stimulus plan 6850:Commercial Paper Funding Facility 6508: 6399:"Greiðslubyrði lána lækkar strax" 5395:Hlustuðu ekki á íslensku nefndina 5383:Hlustuðu ekki á íslensku nefndina 5260:"Iceland leader vetoes bank bill" 4958:Meijer, Rien (11 December 2008). 4890:. DutchNews.nl. 20 November 2008. 4621:Carlos García Avello v État belge 4453:(OJ No L 135, 31 May 1994, p. 5). 3717:Kirkup, James (1 November 2008). 3635:Conversions here are made at the 3490:Teather, David (7 October 2008). 3321:McVeigh, Tracy (5 October 2008). 2702:Journal of European Public Policy 2407:Total repayment value in ISK (bn) 2092:those who hold "priority claims", 1741:One month ahead of the vote, the 462:On 2 September 2008, the British 220: 7220:Iceland–United Kingdom relations 7169:List of countries by public debt 6796:National Asset Management Agency 6483: 6466: 6427: 6413: 6391: 6369: 6322: 6300: 6274: 6252: 6230: 6208: 6182: 6133: 6111: 5943: 5925: 5878: 5856: 5830: 5811: 5785: 5771: 5745: 5733: 5672:"LBI financial information 2010" 5634: 5622: 5606: 5588: 5574: 5553: 5547: 5521: 5502: 5484: 5466: 5412: 5400: 5388: 5375: 5361: 5347: 5335: 5313: 5266: 5252: 5236: 5220: 5176: 5126: 5112: 5085: 5059: 5037: 5015: 5001: 4989: 4970: 4951: 4843:. DutchNews.nl. 13 October 2008. 4731:"EFTA: Iceland must pay Icesave" 4693:. DutchNews.nl. 7 November 2008. 4079:European Communities Act of 1972 2971:"Britain vows to protect savers" 2602: 2588: 2574: 2133:(ISK value of one currency unit) 1738:in Iceland and internationally. 1035: – in Iceland). 822: 237:rested with the host countries. 7124:2008 Central Asia energy crisis 7041:Collateralized debt obligations 6537:on the Icelandic banking crisis 6310:. Bloomberg L.P. 21 August 2013 6033:"Partial payments to creditors" 5582:"Buchheit leiðir samninganefnd" 4925: 4894: 4880: 4866: 4847: 4833: 4807: 4793: 4779: 4753: 4723: 4697: 4683: 4646: 4627: 4611: 4598: 4579: 4553: 4541: 4492: 4456: 4411: 4389: 4359: 4333: 4303: 4277: 4208: 4189: 4150: 4124: 4102: 4093: 4084: 4067: 4046: 4024: 3961: 3934: 3915: 3896: 3842: 3823: 3805:"Reference: VRN08080014/51.020" 3772: 3741: 3710: 3629: 3607: 3554: 3532: 3510: 3483: 3465:James Falla (10 October 2008). 3458: 3431: 3409: 3387: 3363: 3341: 3314: 3287: 3258: 3246:Rao, Sujata (10 January 2008). 3239: 3225: 3206:Acher, John (12 October 2008). 3199: 3098: 3084: 3057: 3041:de Boer, Jeroen (7 July 2008). 3034: 3007: 2989: 2963: 2946:"Foreign banks offer best buys" 2944:Lewis, Paul (14 October 2006). 2937: 2094:and ISK currency exchange rates 2090:Creditor repayment tranches for 1696:Referendum on "Icesave bill 3" 1669:Currency exchange rate between 1654:A variable interest rate shall 6931:2008–2009 Keynesian resurgence 6776:Federal Housing Finance Agency 6771:Federal Housing Administration 6218:. Bloomberg L.P. 30 April 2013 5913:. EFTA Court. 15 December 2011 5888:. EFTA Court. 15 December 2011 5781:. EFTA Surveillance Authority. 4419:"Agreement Reached on Icesave" 3830:Platerising (9 October 2008). 3270:"Markets call time on Iceland" 3134:Frankfurter Allgemeine Zeitung 3092:"Kaupthing Annual Report 2007" 2911: 2886: 2866: 2773: 2736: 2689: 2633:Landsbanki Freezing Order 2008 1614:) into law on 5 January 2010. 1553:Referendum on "Icesave bill 2" 621:Landsbanki Freezing Order 2008 13: 1: 7225:Iceland–Netherlands relations 6946:Economic Stimulus Act of 2008 6880:Troubled Asset Relief Program 6806:Office of Financial Stability 6781:Federal Housing Finance Board 6715:Société Générale trading loss 6493:. Kaupthing. 22 November 2013 3880:. HM Treasury. Archived from 3637:Central Bank of Iceland rates 3589:"Excerpts: Iceland's Oddsson" 3517:Landsbanki (7 October 2008). 3016:"Icesave wint de renteoorlog" 2743:Thorhallsson, Baldur (2019). 2714:10.1080/13501763.2021.1931411 2658: 2452:As of 12 September 2013, the 1933:Remaining liability (bn ISK) 1629:Total value collected by the 1118:The Icelandic prime minister 515:Minister for Business Affairs 191:), and a range of fixed-rate 7195:Foreign relations of Iceland 6865:Irish emergency budget, 2009 5558:. icenews.is. Archived from 5159:"Hvernig getur þetta gerst?" 5025:. Althingi. 2 September 2009 5011:. visir.is. 9 February 2009. 4031:Bloomberg (9 October 2008). 3820:(Letter to British Treasury) 3438:Deloitte (11 October 2008). 2405: 2355: 2305: 2255: 2205: 2155: 2016: 1996: 1976: 1956: 1936: 1839:filed written observations. 1782:. Dutch minister of finance 1458:Financial Services Secretary 1377:(December 2009 – March 2010) 1212:Ingibjörg Sólrún Gísladóttir 480:Björgólfur Thor Björgólfsson 443:Financial Services Authority 401:Freezing of assets in the UK 7: 6525:Icesave Netherlands website 5321:"Lagere waardering IJsland" 3068:. Bloomberg. Archived from 2567: 1825:EFTA Surveillance Authority 1813:EFTA Surveillance Authority 1647:, or obey to Icelandic law 1633:from liquidation of assets 1347:, concluding that when the 1317:International Monetary Fund 1160:International Monetary Fund 848:the claims made and adding 768:International Monetary Fund 666: 533:Chancellor of the Exchequer 464:Chancellor of the Exchequer 310:financial crisis of 2007–08 208:"de transparante spaarbank" 158:EFTA Surveillance Authority 10: 7241: 7215:2008 in the United Kingdom 7164:2007–2008 financial crisis 7056:Mortgage-backed securities 6667:Automotive industry crisis 2406: 2356: 2307:Great Britain pounds (GBP) 2306: 2256: 2206: 2156: 2017: 1997: 1977: 1957: 1937: 1804: 1788:Icelandic finance minister 1702: 1556: 1222:, which held the rotating 1209:Icelandic foreign minister 1156:Icelandic financial crisis 604: 596: 588: 580: 572: 564: 535:during the Icesave dispute 422:Icelandic financial crisis 281: 189:Individual Savings Account 175: 100:Icelandic financial crisis 85: 7200:Great Recession in Europe 7154: 7111: 7069: 7061:Secondary mortgage market 7026: 6982:rescues, and acquisitions 6980:Government interventions, 6979: 6971:Zero interest-rate policy 6918: 6830: 6819: 6748: 6695: 6682:Housing market correction 6659: 6604: 5753:"Icesavegesetz abgelehnt" 5301:. London. 10 January 2010 4996:Icesave-frumvarp samþykkt 4500:Financial statements 2007 4077:or section 2 of the 3235:. BaFin. 10 October 2008. 2999:. Icesave. Archived from 2921:. Icesave. Archived from 2124: 2117: 2110: 2103: 2089: 1912: 1201:José Manuel Durão Barroso 1104:(October – December 2008) 917:European Court of Justice 612: 560: 470:, had met with Icelandic 349:Guernsey's Chief Minister 339:with the approval of the 7079:(United States; c. 2009) 6811:UK Financial Investments 6696:Banking losses and fraud 6687:Subprime mortgage crisis 6672:California budget crisis 5344:mbl.is, 19 February 2010 4909:. London. Archived from 4062:Financial Sanctions Unit 3927:27 February 2009 at the 3908:12 December 2008 at the 3756:. London. Archived from 3725:. London. Archived from 2100:(Winding-up proceedings) 1877:Supreme Court of Iceland 1855:On 28 January 2013, the 1791:Steingrímur J. Sigfússon 1538:Steingrímur J. Sigfússon 1054:being the most exposed. 886:European Union directive 778:, criticized the ruling 162:Supreme Court of Iceland 152:On 28 January 2013, the 139:referendum in April 2011 7210:2008 in the Netherlands 7097:(worldwide; 2011–2012) 7036:Auction rate securities 6766:Federal Home Loan Banks 6546:19 January 2016 at the 5631:nu.nl, 20 februari 2011 5342:Birgitta: Mjög bjartsýn 5047:. Althingi. August 2009 4998:mbl.is, 28 August 2009/ 4158:"Mjög óvinveitt aðgerð" 4075:United Nations Act 1946 4054:UK Statute Law Database 3642:12 October 2008 at the 2533:Landsbanki receivership 2523:Landsbanki receivership 2495:Landsbanki receivership 2454:Landsbanki receivership 2072:Icelandic Supreme Court 1905:Landsbanki receivership 1897:Landsbanki receivership 1893:Landsbanki receivership 1886:Landsbanki receivership 1881:Landsbanki receivership 1861:Landsbanki receivership 1743:Landsbanki receivership 1724:Landsbanki receivership 1698:(February – April 2011) 1631:Landsbanki receivership 1623:Landsbanki receivership 1601:Constitution of Iceland 1545:agreement was put to a 1531:Landsbanki receivership 1518:Landsbanki receivership 1500:Landsbanki receivership 1407:Icelandic supreme court 1349:Landsbanki receivership 1273:(June – September 2009) 1265:or the Icelandic state) 1257:or the Icelandic state) 982:). In addition, the UK 772:Valgerður Sverrisdóttir 680:Also on 8 October, the 541:Central Bank of Iceland 431:Central Bank of Iceland 360:Central Bank of Iceland 121:After the rejection of 6786:Federal Reserve System 6660:United States-specific 5953:. LBI. 28 October 2011 5409:BBC News, 6 March 2010 3109:(in Norwegian). e24.no 2528:Icelandic Central Bank 2257:Icelandic kronur (ISK) 2077:Icelandic Central Bank 1958:Administrative expense 1828: 1765:Jóhanna Sigurðardóttir 1608:Ólafur Ragnar Grímsson 1472:Jóhanna Sigurðardóttir 1451:Ólafur Ragnar Grímsson 1382:In December 2009, the 1345:Icelandic Central Bank 1321:Ólafur Ragnar Grímsson 1285:Gross Domestic Product 1218:with the mediation of 1164:Dutch finance minister 1070: 1028: 963:lenders of last resort 959: 915:As pointed out by the 793:European Economic Area 753:football club. On the 747:Björgólfur Guðmundsson 723:Ólafur Ragnar Grímsson 715: 677: 617: 536: 482:, son of Landsbanki's 476:Björgvin G. Sigurðsson 425: 306:gross domestic product 278:Collapse of Landsbanki 207: 205: 78: 37: 7136:Decline of newspapers 7083:2009 May Day protests 7029:and financial markets 6919:Stimulus and recovery 5827:IceNews, 10 June 2011 5397:RÚV, 26 February 2010 5385:RÚV, 26 February 2010 4591:2 August 2009 at the 4505:30 March 2014 at the 4468:3 August 2009 at the 2596:United Kingdom portal 2560:Judicial Independence 2157:Canadian dollar (CAD) 1873:De Nederlandsche Bank 1817: 1060: 1023: 967:Peter Paul and Others 954: 922:Peter Paul and Others 706: 674: 651:in 1965, and against 556: 527: 484:chairman of the board 408: 170:De Nederlandsche Bank 35: 7159:European debt crisis 7051:Credit default swaps 7027:Securities involved 6833:stability and reform 6559:22 July 2011 at the 5823:13 June 2011 at the 5779:"Icesave Referendum" 5535:on 30 September 2012 5514:22 July 2011 at the 4761:"Icesave Referendum" 4516:22 July 2011 at the 4472:. (19 October 1994). 3383:on 17 December 2008. 2895:"Annual Report 2007" 2130:Fixed currency rates 1938:Proprietary interest 1769:UK treasury minister 1097:Attempts at solution 774:from the opposition 720:President of Iceland 689:Landsbankinn Icesave 381:and adoption of the 253:, from January 2008. 247:, from October 2007. 149:as a legal dispute. 7119:2000s energy crisis 6831:Banking and finance 6749:Government entities 6262:. 12 September 2013 5602:. 16 February 2011. 4907:The Daily Telegraph 4801:"Joint Declaration" 4407:on 25 January 2013. 3760:on 22 December 2008 3593:Wall Street Journal 3395:"Deposit Guarantee" 2207:European euro (EUR) 1583:), in particular a 1330:growth measured in 1249:De Nederlandse Bank 890:EEA Joint Committee 758:ruin our economy". 640:financial sanctions 7101:Occupy Wall Street 7077:Tea Party protests 6735:Scott W. Rothstein 6530:Landsbanki website 6520:Icesave UK website 6357:. 30 November 2013 5939:. 29 January 2013. 5615:by Julia Kollewe, 5073:on 3 February 2010 4939:. 20 November 2008 4913:on 3 December 2008 4347:. 14 November 2008 4291:. 12 November 2008 4138:on 10 October 2008 3949:on 21 October 2008 3884:on 11 October 2008 3268:(4 October 2008). 3045:(in Dutch). z24.nl 3022:on 8 December 2008 3003:on 4 October 2008. 2977:on 10 October 2008 2925:on 2 February 2008 2919:"Savings Accounts" 2610:Netherlands portal 1758:British government 1305:(Tryggingarsjóður) 1135:(Tryggingarsjóður) 1073:decree to prevent 1033:non-barter economy 1005:Non-discrimination 833:possibly contains 780:Independence Party 692:misunderstanding. 678: 537: 426: 46:diplomatic dispute 38: 7177: 7176: 7146:Retail apocalypse 7091:(MENA; 2010–2012) 7022: 7021: 7018: 7017: 6914: 6913: 6894:Bank stress tests 6008:on 4 October 2013 5759:on 12 August 2011 5742:VK, 10 April 2011 5562:on 12 August 2016 5518:, 5 January 2010. 5498:. 5 January 2010. 5480:. 5 January 2010. 5454:. 19 January 2010 5233:, 2 January 2010. 5140:Independent.co.uk 4679:on 2 August 2009. 4608:comes into force. 4242:on 1 August 2009. 4223:on 1 August 2009. 4204:on 2 August 2009. 3595:. 17 October 2008 3072:on 2 October 2015 2766:978-0-19-022863-7 2449: 2435: 2434: 2402: 2396: 2390: 2384: 2378: 2372: 2366: 2352: 2346: 2340: 2334: 2328: 2322: 2316: 2302: 2296: 2290: 2284: 2278: 2272: 2266: 2252: 2246: 2240: 2234: 2228: 2222: 2216: 2202: 2196: 2190: 2184: 2178: 2172: 2166: 2134: 2122: 2115: 2108: 2101: 2066: 2057: 2056: 1784:Jan Kees de Jager 1699: 1665: 1661: 1650: 1646: 1636: 1597:deposit insurance 1549:on 6 March 2010. 1401:A few days after 1378: 1362: 1274: 1266: 1258: 1105: 1048:local authorities 1040:local authorities 882:deposit insurance 878: 877: 870: 835:original research 814:Deposit insurance 776:Progressive Party 616: 615: 573:Mathiesen: 472:Minister of Trade 418:10 Downing Street 375:Washington Mutual 296:, Landsbanki and 272:deposit insurance 16:(Redirected from 7232: 7190:Banks of Iceland 7070:Social responses 6995: 6994: 6891: 6890: 6821: 6820: 6591: 6584: 6577: 6568: 6567: 6503: 6502: 6500: 6498: 6487: 6481: 6480: 6478: 6470: 6464: 6463: 6461: 6459: 6454:. 2 October 2013 6448: 6439: 6438: 6431: 6425: 6424: 6417: 6411: 6410: 6408: 6406: 6395: 6389: 6388: 6386: 6384: 6373: 6367: 6366: 6364: 6362: 6351: 6342: 6341: 6339: 6337: 6326: 6320: 6319: 6317: 6315: 6304: 6298: 6297: 6295: 6293: 6278: 6272: 6271: 6269: 6267: 6256: 6250: 6249: 6247: 6245: 6234: 6228: 6227: 6225: 6223: 6212: 6206: 6205: 6203: 6201: 6186: 6180: 6179: 6177: 6175: 6164: 6153: 6152: 6150: 6148: 6137: 6131: 6130: 6128: 6126: 6115: 6109: 6108: 6106: 6104: 6098: 6091: 6083: 6070: 6069: 6067: 6065: 6054: 6045: 6044: 6042: 6040: 6029: 6018: 6017: 6015: 6013: 6007: 6000: 5992: 5963: 5962: 5960: 5958: 5947: 5941: 5940: 5929: 5923: 5922: 5920: 5918: 5907: 5898: 5897: 5895: 5893: 5882: 5876: 5875: 5873: 5871: 5860: 5854: 5853: 5851: 5849: 5834: 5828: 5815: 5809: 5808: 5806: 5804: 5789: 5783: 5782: 5775: 5769: 5768: 5766: 5764: 5749: 5743: 5737: 5731: 5730: 5728: 5726: 5709: 5694: 5693: 5691: 5689: 5684:on 19 April 2011 5683: 5676: 5668: 5662: 5661: 5659: 5657: 5652:on 13 April 2011 5648:. Archived from 5638: 5632: 5626: 5620: 5619:20 February 2011 5610: 5604: 5603: 5592: 5586: 5585: 5578: 5572: 5571: 5569: 5567: 5551: 5545: 5544: 5542: 5540: 5525: 5519: 5506: 5500: 5499: 5488: 5482: 5481: 5470: 5464: 5463: 5461: 5459: 5442: 5436: 5435: 5433: 5431: 5426:. 8 January 2010 5416: 5410: 5404: 5398: 5392: 5386: 5379: 5373: 5372: 5365: 5359: 5358: 5351: 5345: 5339: 5333: 5332: 5330: 5328: 5317: 5311: 5310: 5308: 5306: 5291: 5282: 5281: 5270: 5264: 5263: 5256: 5250: 5249:, 5 January 2010 5240: 5234: 5224: 5218: 5217: 5215: 5213: 5202: 5196: 5195: 5193: 5191: 5180: 5174: 5173: 5171: 5169: 5154: 5145: 5144: 5130: 5124: 5123: 5116: 5110: 5108: 5106: 5104: 5099:on 24 March 2012 5089: 5083: 5082: 5080: 5078: 5063: 5057: 5056: 5054: 5052: 5041: 5035: 5034: 5032: 5030: 5019: 5013: 5012: 5005: 4999: 4993: 4987: 4986: 4974: 4968: 4967: 4955: 4949: 4948: 4946: 4944: 4929: 4923: 4922: 4920: 4918: 4898: 4892: 4891: 4884: 4878: 4877: 4870: 4864: 4863: 4851: 4845: 4844: 4837: 4831: 4830: 4828: 4826: 4811: 4805: 4804: 4797: 4791: 4790: 4783: 4777: 4776: 4774: 4772: 4757: 4751: 4750: 4748: 4746: 4741:on 15 March 2011 4737:. 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Archived from 3435: 3429: 3428: 3426: 3424: 3413: 3407: 3406: 3404: 3402: 3391: 3385: 3384: 3382: 3375: 3367: 3361: 3360: 3358: 3356: 3345: 3339: 3338: 3336: 3334: 3318: 3312: 3311: 3309: 3307: 3291: 3285: 3284: 3282: 3280: 3262: 3256: 3255: 3243: 3237: 3236: 3229: 3223: 3222: 3220: 3218: 3203: 3197: 3196: 3194: 3192: 3177: 3171: 3170: 3168: 3166: 3155: 3146: 3145: 3143: 3141: 3125: 3119: 3118: 3116: 3114: 3102: 3096: 3095: 3088: 3082: 3081: 3079: 3077: 3061: 3055: 3054: 3052: 3050: 3038: 3032: 3031: 3029: 3027: 3011: 3005: 3004: 2993: 2987: 2986: 2984: 2982: 2967: 2961: 2960: 2958: 2956: 2941: 2935: 2934: 2932: 2930: 2915: 2909: 2908: 2906: 2904: 2899: 2890: 2884: 2883: 2870: 2864: 2863: 2861: 2859: 2853: 2846: 2838: 2829: 2828: 2826: 2824: 2818: 2811: 2803: 2794: 2793: 2791: 2789: 2777: 2771: 2770: 2740: 2734: 2733: 2708:(8): 1330–1350. 2693: 2687: 2686: 2684: 2682: 2671: 2612: 2607: 2606: 2605: 2598: 2593: 2592: 2591: 2584: 2579: 2578: 2577: 2476:capital controls 2437: 2400: 2394: 2388: 2382: 2376: 2370: 2364: 2350: 2344: 2338: 2332: 2326: 2320: 2314: 2300: 2294: 2288: 2282: 2276: 2270: 2264: 2250: 2244: 2238: 2232: 2226: 2220: 2214: 2200: 2194: 2188: 2182: 2176: 2170: 2164: 2132: 2120: 2113: 2106: 2099: 2087: 2086: 2059: 1978:Guarantee claims 1927:Settled (bn ISK) 1910: 1909: 1826: 1697: 1663: 1655: 1648: 1640: 1634: 1465:finance minister 1376: 1360: 1357:Tryggingarsjóður 1312:Tryggingarsjóður 1272: 1263:Tryggingarsjóður 1260: 1255:Tryggingarsjóður 1252: 1247:On 10 December, 1228:Tryggingarsjóður 1148:Tryggingarsjóður 1143:Tryggingarsjóður 1103: 1082:Guusje ter Horst 1068: 1044:Audit Commission 995:Tryggingarsjóður 991:Tryggingarsjóður 975:Tryggingarsjóður 928:Tryggingarsjóður 902:Tryggingarsjóður 898:Tryggingarsjóður 884:is regulated by 873: 866: 862: 859: 853: 850:inline citations 826: 825: 818: 697:press conference 558: 557: 549:Finance Minister 529:Alistair Darling 468:Alistair Darling 308:(GDP). With the 300:were all highly 234:savings accounts 212: 210: 182:savings accounts 81: 79:Tryggingarsjóður 21: 7240: 7239: 7235: 7234: 7233: 7231: 7230: 7229: 7205:2008 in Iceland 7180: 7179: 7178: 7173: 7150: 7107: 7095:Occupy movement 7065: 7028: 7014: 6993: 6981: 6975: 6910: 6889: 6832: 6826: 6815: 6744: 6691: 6655: 6600: 6598:Great Recession 6595: 6561:Wayback Machine 6548:Wayback Machine 6511: 6506: 6496: 6494: 6489: 6488: 6484: 6476: 6472: 6471: 6467: 6457: 6455: 6450: 6449: 6442: 6433: 6432: 6428: 6419: 6418: 6414: 6404: 6402: 6397: 6396: 6392: 6382: 6380: 6375: 6374: 6370: 6360: 6358: 6353: 6352: 6345: 6335: 6333: 6328: 6327: 6323: 6313: 6311: 6306: 6305: 6301: 6291: 6289: 6286:Financial Times 6280: 6279: 6275: 6265: 6263: 6258: 6257: 6253: 6243: 6241: 6236: 6235: 6231: 6221: 6219: 6214: 6213: 6209: 6199: 6197: 6194:Financial Times 6188: 6187: 6183: 6173: 6171: 6166: 6165: 6156: 6146: 6144: 6139: 6138: 6134: 6124: 6122: 6117: 6116: 6112: 6102: 6100: 6096: 6089: 6085: 6084: 6073: 6063: 6061: 6056: 6055: 6048: 6038: 6036: 6031: 6030: 6021: 6011: 6009: 6005: 5998: 5994: 5993: 5966: 5956: 5954: 5949: 5948: 5944: 5937:Financial Times 5931: 5930: 5926: 5916: 5914: 5909: 5908: 5901: 5891: 5889: 5884: 5883: 5879: 5869: 5867: 5862: 5861: 5857: 5847: 5845: 5844:on 15 June 2011 5836: 5835: 5831: 5825:Wayback Machine 5816: 5812: 5802: 5800: 5791: 5790: 5786: 5777: 5776: 5772: 5762: 5760: 5751: 5750: 5746: 5738: 5734: 5724: 5722: 5721:. 10 April 2011 5711: 5710: 5697: 5687: 5685: 5681: 5674: 5670: 5669: 5665: 5655: 5653: 5640: 5639: 5635: 5627: 5623: 5611: 5607: 5594: 5593: 5589: 5580: 5579: 5575: 5565: 5563: 5552: 5548: 5538: 5536: 5527: 5526: 5522: 5516:Wayback Machine 5507: 5503: 5490: 5489: 5485: 5472: 5471: 5467: 5457: 5455: 5444: 5443: 5439: 5429: 5427: 5418: 5417: 5413: 5405: 5401: 5393: 5389: 5380: 5376: 5367: 5366: 5362: 5353: 5352: 5348: 5340: 5336: 5326: 5324: 5319: 5318: 5314: 5304: 5302: 5299:The Independent 5293: 5292: 5285: 5272: 5271: 5267: 5258: 5257: 5253: 5241: 5237: 5225: 5221: 5211: 5209: 5204: 5203: 5199: 5189: 5187: 5182: 5181: 5177: 5167: 5165: 5155: 5148: 5131: 5127: 5118: 5117: 5113: 5102: 5100: 5091: 5090: 5086: 5076: 5074: 5065: 5064: 5060: 5050: 5048: 5043: 5042: 5038: 5028: 5026: 5021: 5020: 5016: 5007: 5006: 5002: 4994: 4990: 4975: 4971: 4956: 4952: 4942: 4940: 4931: 4930: 4926: 4916: 4914: 4899: 4895: 4886: 4885: 4881: 4872: 4871: 4867: 4860:Daily Telegraph 4852: 4848: 4839: 4838: 4834: 4824: 4822: 4820:Financial Times 4812: 4808: 4799: 4798: 4794: 4785: 4784: 4780: 4770: 4768: 4767:. 11 April 2011 4759: 4758: 4754: 4744: 4742: 4729: 4728: 4724: 4714: 4712: 4703: 4702: 4698: 4689: 4688: 4684: 4671: 4670: 4666: 4651: 4647: 4632: 4628: 4616: 4612: 4603: 4599: 4593:Wayback Machine 4584: 4580: 4570: 4568: 4567:on 26 July 2011 4559: 4558: 4554: 4546: 4542: 4531: 4524: 4518:Wayback Machine 4497: 4493: 4485: 4476: 4470:Wayback Machine 4461: 4457: 4449: 4442: 4432: 4430: 4417: 4416: 4412: 4395: 4394: 4390: 4380: 4378: 4365: 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2107:(1st repayment) 2105: 2104:2 December 2011 2098: 2093: 2091: 1998:Priority claims 1930:Repaid (bn ISK) 1921:Amount (bn ISK) 1853: 1845:Financial Times 1827: 1824: 1809: 1803: 1772:Danny Alexander 1707: 1701: 1671:Icelandic króna 1561: 1555: 1492: 1380: 1375:Icesave bill 2 1276: 1271:Icesave bill 1 1107: 1102:Early attempts 1099: 1090: 1088:EFTA evaluation 1069: 1066: 1007: 874: 863: 857: 854: 839: 827: 823: 816: 789: 787:Legal arguments 751:West Ham United 739:Royal Air Force 669: 497:The Independent 403: 322:run on deposits 318:Lehman Brothers 290:Icelandic króna 286: 280: 223: 178: 88: 42:Icesave dispute 28: 23: 22: 15: 12: 11: 5: 7238: 7228: 7227: 7222: 7217: 7212: 7207: 7202: 7197: 7192: 7175: 7174: 7172: 7171: 7166: 7161: 7155: 7152: 7151: 7149: 7148: 7143: 7138: 7133: 7128: 7127: 7126: 7115: 7113: 7112:Related topics 7109: 7108: 7106: 7105: 7104: 7103: 7092: 7086: 7080: 7073: 7071: 7067: 7066: 7064: 7063: 7058: 7053: 7048: 7043: 7038: 7032: 7030: 7024: 7023: 7020: 7019: 7016: 7015: 7013: 7012: 7010:General Motors 7007: 7001: 6999: 6992: 6991: 6985: 6983: 6977: 6976: 6974: 6973: 6968: 6963: 6958: 6956:Green New Deal 6953: 6948: 6943: 6938: 6933: 6928: 6922: 6920: 6916: 6915: 6912: 6911: 6909: 6908: 6903: 6897: 6895: 6888: 6887: 6882: 6877: 6872: 6867: 6862: 6857: 6852: 6847: 6842: 6836: 6834: 6828: 6827: 6817: 6816: 6814: 6813: 6808: 6803: 6798: 6793: 6788: 6783: 6778: 6773: 6768: 6763: 6758: 6752: 6750: 6746: 6745: 6743: 6742: 6740:Allen Stanford 6737: 6732: 6727: 6722: 6717: 6712: 6711: 6710: 6699: 6697: 6693: 6692: 6690: 6689: 6684: 6679: 6677:Housing bubble 6674: 6669: 6663: 6661: 6657: 6656: 6654: 6653: 6648: 6647: 6646: 6636: 6631: 6630: 6629: 6624: 6614: 6608: 6606: 6602: 6601: 6594: 6593: 6586: 6579: 6571: 6565: 6564: 6551: 6538: 6532: 6527: 6522: 6517: 6510: 6509:External links 6507: 6505: 6504: 6482: 6479:. althingi.is. 6465: 6440: 6426: 6412: 6390: 6368: 6343: 6321: 6299: 6288:. 26 July 2013 6273: 6251: 6240:. 23 July 2013 6229: 6207: 6181: 6154: 6132: 6110: 6099:on 26 May 2013 6071: 6046: 6019: 5964: 5942: 5924: 5899: 5877: 5855: 5829: 5810: 5799:on 20 May 2011 5784: 5770: 5744: 5732: 5695: 5663: 5633: 5621: 5605: 5587: 5573: 5546: 5520: 5501: 5483: 5465: 5437: 5411: 5399: 5387: 5374: 5360: 5346: 5334: 5312: 5283: 5265: 5251: 5235: 5219: 5197: 5175: 5146: 5125: 5111: 5084: 5058: 5036: 5014: 5000: 4988: 4969: 4950: 4924: 4893: 4879: 4865: 4846: 4832: 4806: 4792: 4778: 4752: 4722: 4696: 4682: 4664: 4645: 4626: 4619:Case C-148/02 4610: 4597: 4578: 4552: 4540: 4533:Case C-222/02 4522: 4491: 4474: 4455: 4440: 4423:Iceland Review 4410: 4401:Iceland Review 4388: 4371:Iceland Review 4358: 4332: 4315:Iceland Review 4302: 4276: 4262: 4245: 4226: 4207: 4188: 4171: 4149: 4123: 4101: 4092: 4083: 4066: 4060:, HM Treasury 4045: 4023: 3986: 3960: 3933: 3914: 3895: 3868: 3841: 3822: 3793: 3771: 3740: 3709: 3670: 3648: 3628: 3606: 3580: 3553: 3531: 3509: 3482: 3457: 3430: 3408: 3386: 3362: 3340: 3313: 3286: 3266:Peston, Robert 3257: 3238: 3224: 3198: 3172: 3147: 3120: 3097: 3083: 3056: 3033: 3006: 2988: 2962: 2936: 2910: 2885: 2865: 2854:on 26 May 2013 2830: 2819:on 27 May 2013 2795: 2772: 2765: 2735: 2688: 2662: 2660: 2657: 2656: 2655: 2650: 2645: 2640: 2635: 2630: 2628:Kaupthing Bank 2625: 2623:Glitnir (bank) 2620: 2614: 2613: 2599: 2585: 2582:Iceland portal 2569: 2566: 2565: 2564: 2555: 2544: 2541: 2517: 2514: 2487:New Landsbanki 2471:new government 2462: 2459: 2433: 2432: 2429: 2426: 2423: 2420: 2417: 2414: 2411: 2408: 2404: 2403: 2397: 2391: 2385: 2379: 2373: 2367: 2361: 2358: 2354: 2353: 2347: 2341: 2335: 2329: 2323: 2317: 2311: 2308: 2304: 2303: 2297: 2291: 2285: 2279: 2273: 2267: 2261: 2258: 2254: 2253: 2247: 2241: 2235: 2229: 2223: 2217: 2211: 2208: 2204: 2203: 2197: 2191: 2185: 2179: 2173: 2167: 2161: 2158: 2154: 2153: 2150: 2147: 2144: 2141: 2138: 2135: 2127: 2126: 2123: 2118:5 October 2012 2116: 2109: 2102: 2095: 2055: 2054: 2051: 2048: 2045: 2042: 2039: 2035: 2034: 2031: 2028: 2025: 2022: 2019: 2018:General claims 2015: 2014: 2011: 2008: 2005: 2002: 1999: 1995: 1994: 1991: 1988: 1985: 1982: 1979: 1975: 1974: 1971: 1968: 1965: 1962: 1959: 1955: 1954: 1951: 1948: 1945: 1942: 1939: 1935: 1934: 1931: 1928: 1925: 1922: 1919: 1915: 1914: 1871:(FSCS) and by 1852: 1849: 1822: 1805:Main article: 1802: 1799: 1762:prime minister 1747:Icesave bill 3 1732:Icesave bill 3 1716:Icesave bill 3 1703:Main article: 1700: 1694: 1690:Icesave bill 2 1686: 1685: 1678: 1675:Pound sterling 1667: 1658:Icesave bill 2 1652: 1643:Icesave bill 2 1637: 1619:Icesave bill 2 1612:Icesave bill 2 1589:United Kingdom 1565:Icesave bill 2 1557:Main article: 1554: 1551: 1543:Icesave bill 2 1504:Icesave bill 2 1496:Icesave bill 2 1491: 1488: 1430:Icesave bill 2 1423:Icesave bill 2 1419:Icesave bill 1 1415:Icesave bill 2 1411:Icesave bill 1 1403:Icesave bill 2 1379: 1373: 1369:Icesave bill 1 1353:Old Landsbanki 1338:(according to 1332:pound sterling 1289:Icesave bill 1 1283:the country's 1275: 1269: 1236:Kaupthing Edge 1205:European Union 1106: 1100: 1098: 1095: 1089: 1086: 1064: 1012:Treaty of Rome 1006: 1003: 910:exchange rates 876: 875: 830: 828: 821: 815: 812: 808: 807: 804: 788: 785: 763:European Union 682:Prime Minister 668: 665: 629:Prime Minister 614: 613: 610: 609: 606: 602: 601: 598: 594: 593: 590: 586: 585: 582: 578: 577: 574: 570: 569: 566: 562: 561: 552:Árni Mathiesen 492:bank guarantee 450:Prime Minister 402: 399: 390:Nýi Landsbanki 379:European Union 364:Prime Minister 345:Heritable Bank 337:administration 279: 276: 270:problems with 267: 266: 260: 254: 248: 230:Kaupthing Bank 226:Kaupthing Edge 222: 221:Kaupthing Edge 219: 177: 174: 143:Icesave bill 4 135:Icesave bill 3 127:Icesave bill 3 123:Icesave bill 2 112:Icesave bill 2 107:Icesave bill 1 87: 84: 64:was placed in 58:United Kingdom 26: 9: 6: 4: 3: 2: 7237: 7226: 7223: 7221: 7218: 7216: 7213: 7211: 7208: 7206: 7203: 7201: 7198: 7196: 7193: 7191: 7188: 7187: 7185: 7170: 7167: 7165: 7162: 7160: 7157: 7156: 7153: 7147: 7144: 7142: 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Norges Bank 6169: 6163: 6161: 6159: 6142: 6136: 6120: 6114: 6095: 6088: 6082: 6080: 6078: 6076: 6059: 6053: 6051: 6034: 6028: 6026: 6024: 6004: 5997: 5991: 5989: 5987: 5985: 5983: 5981: 5979: 5977: 5975: 5973: 5971: 5969: 5952: 5946: 5938: 5934: 5928: 5912: 5906: 5904: 5887: 5881: 5865: 5859: 5843: 5839: 5833: 5826: 5822: 5819: 5814: 5798: 5794: 5788: 5780: 5774: 5758: 5754: 5748: 5741: 5736: 5720: 5719: 5714: 5708: 5706: 5704: 5702: 5700: 5680: 5673: 5667: 5651: 5647: 5646:www.advice.is 5643: 5637: 5630: 5625: 5618: 5614: 5609: 5601: 5597: 5591: 5583: 5577: 5561: 5557: 5550: 5534: 5530: 5524: 5517: 5513: 5510: 5505: 5497: 5493: 5487: 5479: 5475: 5469: 5453: 5452: 5447: 5441: 5425: 5421: 5415: 5408: 5403: 5396: 5391: 5384: 5378: 5370: 5364: 5357:. 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