Icesave dispute to the EFTA Court

EFTA Surveillance Authority (ESA) has today announced in a press statment that it will refer to the EFTA Court a dispute regarding the alleged breach of Iceland of the Deposit Guarantee Directive in relation to the Icesave accounts of fallen Landsbanki Islands. 

There are definitive indications that the estate of Landsbanki will have assets to pay in full all priority claims, which are mostly deposits. 

The first payments were made by the estate earlier this month and the estate holds assets that should cover the remainder of priority claims. Therefore, the Government of Iceland has held the view that a court case is not called for. 

The EFTA Court is, however, the multinational court that can give a final decision regarding any legal uncertainty in this dispute. The Government of Iceland has submitted its arguments to ESA in the process so far, and will continue its defence in the due process before the EFTA Court.