National referendum on Icesave bill held on 9 April

Following the President´s decision not to sign into law the so-called Icesave bill passed by parliament, a national referendum on its validity will be held on 9 April. The bill authorises the Government to settle the Icesave dispute by signing new agreements with British and Dutch authorities on reimbursement of the funds advanced to cover the deposit guarantee on the Icesave accounts in the UK and the Netherlands, see press release from the Ministry of Finance

According to Article 26 of the Icelandic Constitution, when the President rejects a bill a national referendum must take place as soon as possible. The Icesave bill had been passed by the Althingi, the Icelandic parliament, with an overwhelming majority; 44 votes out of 63 in favour.