icesave case
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Devenue célèbre pour avoir dit non par deux fois à un référendum sur le remboursement de sa dette vis à vis du Royaume-Uni et des Pays-Bas, l’Islande est devenu l’élève modèle des Indignés et de certains économistes: dire "non" au capitalisme financier, voilà la voie à suivre pour la Grèce, piégée par une dette faramineuse . Mais les deux pays sont dans des situations incomparables. Différence majeure avec la Grèce, la dette de l’Islande n’est pas lié à une mauvaise gestions des comptes publics, mais à ses banques. Avant 2008, les établissements islandais pratiquaient le 'carry trade', une technique de spéculation qui consiste à emprunter de l’argent dans une devise peu chère (tel que le dollar ou le yen) pour effectuer des placements dans une devise offrant des taux d’intérêts plus élevés, en l'occurrence la couronne islandaise.
La leçon de capitalisme de l'Islande
Memo from Risbank's Nyberg regarding the Icesave case
. It told t he story of the rise and fall of Iceland as a financial centre. The story of the build up and collapse of a banking system far larger than this small island’s economy, allowing the Icelanders – like so many more of us – to live well on borrowed money.AFP: Iceland sees end to Icesave dispute
REYKJAVIK — Iceland said Friday it expected a stand-off with Britain and the Netherlands over the failed Icesave bank could be resolved as assets at the lender's parent company would cover all depositor claims. "I think this news should put the Icesave issue in a completely new light," Icelandic Economy Minister Arni Pall Arnason told AFP. His comment came a day after Icesave's parent company Landsbanki, which collapsed at the end of 2008, announced that its recovered assets would be enough to repay all "priority claims" and still have 13 billion Icelandic kronur (£70 million) left over.
EFTA to take Iceland to court over Icesave | IceNews - Daily News
Posted on15 December 2011. Tags: britain , court , EEA , EFTA , ESA , EU , Holland , Iceland , Icesave , netherlands , UK ESA, the EFTA (European Free Trade Association) surveillance authority, has decided to take the Icelandic state to the EFTA court over its handling of the Icesave case. By discriminating against foreign depositors and not reimbursing the British and Dutch governments within one year, it is claimed Iceland broke European law.
The EFTA Surveillance Authority has today decided to take Iceland to the EFTA Court over its breach of the Deposit Guarantee Directive [1] . According to the Directive, Iceland was obliged to ensure payment of a minimum compensation of EUR 20.000 per depositor after Landsbanki and its Dutch and British branches, called Icesave, collapsed in October 2008. More than three years after the bankruptcy of the bank, Iceland has still not complied with its obligation.
Icesave: Iceland to be taken to Court for failing to pay minimum compensation | Internal Market | Press releases | Press & Publications | EFTA Surveillance Authority
C'est un véritable feuilleton qui pourrait se terminer avec les dernières informations provenant de Reykjavik. Après la validation par la Cour suprême des mesures d'urgences prises en 2008 par le gouvernement islandais, c'est la dernière barrière au remboursement des 340.000 clients européens de la banque en ligne Icesave qui vient de se lever. "Grâce à cette décision, il est clair que tous les déposants, quelque soit leur nationalité, leur lieu de résidence, la nature ou le montant de leur épargne, tous recupèreront en intégralité leur argent", a déclaré le ministre des finances islandais, Arni Pall Arnason, ajoutant que les remboursements devraient débuter dans les semaines prochaines".
L'Islande annonce le remboursement imminent des clients européend e la banque en ligne Icesave
Iceland will start paying out as much as $11.4 billion in foreign depositor claims after the country’s top court upheld an emergency law that leaves bank bondholders in the lurch and protects ordinary account holders. The decision by Iceland’s Supreme Court to rule in favor of a crisis bill enacted three years ago “marks the endpoint” to a dispute with the U.K. and the Netherlands triggered by the island’s 2008 financial collapse, Economy Minister Arni Pall Arnason said. The ruling will help repair relations with the two countries, whose depositors risked losing their savings when Iceland’s second-biggest bank collapsed, he said. “It’s clear from these rulings that all depositors, regardless of nationality, residency, nature or amount of their deposit, will get their money back in full,” Arnason said in an interview in Reykjavik. Repayment may start within weeks, he said.
Iceland Passes Last Hurdle in $11.4 Billion Depositor Payout - Bloomberg
Transcript of conversation between Chancellor and Icelandic Finance Minister - Times Online
Hundreds of thousands of patients are being sent home from hospital in the middle of the night to relieve pressure on NHS beds, research by The Times reveals. Patient campaigners say that the elderly are often the worst affected as they are abruptly sent home to empty houses without proper planning. The practice could become more common as efficiency savings bite, they warn. Hospital managers have responded to the findings by conceding that discharging patients from wards late at night could be an “under the radar” way of freeing beds, and in many cases would not be in the best interests of patients.
REYKJAVIK — Icelandic President Olafur Ragnar Grimsson called on Sunday for a European Union probe into how the bloc could have allowed Britain and the Netherlands to put so much pressure on Reykjavik in the dispute over the failed Icesave bank. "It's worth an investigation for the EU to come to terms with how in the world member states could have agreed to the preposterous British and Dutch demands," Grimsson said in an interview with public broadcaster RUV. His comments came after Icesave's parent company Landsbanki, which collapsed at the end of 2008, announced late last week its recovered assets would be enough to repay all "priority claims" and still have 13 billion Icelandic kronur (80 million euros, $114 million) left over. That means the 3.9 billion euros ($5.6 billion) Britain and the Netherlands spent compensating 340,000 of their citizens who lost money when Icesave collapsed can be refunded without tapping into public coffers.
AFP: Iceland calls for EU probe of Icesave debacle
Iceland declared a three-year dispute with the U.K. and the Netherlands to be history after it promised to pay out $11.4 billion from the estate of failed Landsbanki Islands hf to cover all foreign depositor losses. The most recent valuation of Landsbanki’s assets shows the lender, which failed in October 2008 together with the rest of Iceland’s financial system, will have enough funds to pay back more than double the $5.3 billion backed by depositor guarantees, according to a report published by the bank’s resolution committee yesterday. The so-called Icesave dispute, named after the high- yielding Internet accounts Landsbanki offered abroad, had soured Iceland’s relations with the U.K. and the Netherlands after the bank’s collapse left about 350,000 foreign depositors in the lurch. Since then, the island has pulled off an economic resurrection that has pushed the cost of insuring against an Iceland default below the average for the European Union.
Iceland Says $11.4B Payout Ends Spat With U.K. - Bloomberg
Faillite de Icesave : qui paiera pour le non des Islandais ? » OWNI, News, Augmented
Les Islandais sont salués pour leur courage de contester l'accord entre leur gouvernement et le Royaume-Uni et les Pays-Bas. Mais cela signifie-t-il qu'ils ne paieront pas ? Le 9 avril dernier, les Islandais ont rejeté à 59% l’accord prévoyant le remboursement des gouvernements britannique et néerlandais dans le cadre de la faillite de la banque en ligne Icesave.We want our money back too! That was the cry this week from thousands of British citizens with money tied up in the Guernsey arm of one of Iceland's collapsed banks, many of whom are desperately worried about losing the bulk of their life savings. Last Saturday, Guardian Money carried a report about the "forgotten" Brits who face losing some or all of their nest-egg cash following the collapse of Iceland's biggest bank, Kaupthing. They have their money in the bank's Isle of Man arm, and are anxiously waiting to see how much of it they are going to get back.
We slipped through the safety net too | Money | The Guardian
« Nous ne procédons actuellement à aucune opération de dépôt ou de retrait. Veuillez nous excuser de la gêne occasionnée. » C’est le message qu’aucun d’entre nous ne souhaite voir un jour s’afficher sur la page Internet de sa banque. Pourtant, c’est la mésaventure qu’ont connue, au plus fort de la crise, des milliers de citoyens de l’Union européenne (UE), clients d’Icesave, la branche européenne de la première banque privée islandaise. Sommes-nous à l’abri d’un tel incident en France ?
Que se passe-t-il quand votre banque fait faillite ? | MoneyWeek
A letter of response from the Icelandic state to the European Free Trade Association surveillance authority (ESA) about the Icesave dispute will be sent immediately after the weekend. The letter is in its final editing stages at the Icelandic Ministry of Economic Affairs, RUV reports. After the nation rejected the latest Icesave repayment deal with the British and Dutch in a referendum on 9th April, the Icesave issue has once again become a hot topic at the EFTA. It is likely that the ongoing dispute will be taken to the EFTA court.
Iceland to send response to EFTA Icesave reprimand | IceNews - Daily News
Thin ice ... Iceland's oldest bank is no more. Photograph: Andrew Scales/Landsbanki In October 2006 , Viking raiders returned to these shores in the form of Icelandic bank Landsbanki, which quickly set about pillaging UK banks' customers with its aggressive savings rates . Landsbanki's internet-only offering Icesave attracted huge numbers of savers to its best buy cash Isas , easy access savings accounts and fixed-rate bonds. In November 2006, Landsbanki launched a further raid on the Channel Islands, taking over offshore bank Cheshire Guernsey, previously run by the Cheshire building society.