Why Did Icesave Fall?

In: Business and Management

Submitted By SalimWakil
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Introduction

In October 2008 Iceland was one of the first countries to be seriously hit by the international financial crisis and the consequences were enormous. In Iceland, around 85% of its banking system collapsed in just a few days. One of these banks, a privately owned commercial bank named Landsbanki Íslands had been operating an online savings brand, Icesave, in the UK since 2006 and the Netherlands since 2008. After the bank was taken into receivership in October 2008, more than 400,000 Icesave deposit holders in both countries were unable to access their online accounts. The UK and Dutch authorities announced that all deposits would be guaranteed. According to Directive 94/19/EC deposits were guaranteed up to 20,887 Euros per account.[1] The UK authorities decided to pay out to depositors in full, while the Dutch authorities paid up to 100,000 Euros. It became clear that the Icelandic Deposit Guarantee Fund, established under EU legislation to cover losses in the event of a bank failure, was not in a position to cover the losses incurred by Icesave depositors. Talks therefore started on the aspects of the payout by the UK and the Dutch authorities of the deposit guarantees and whether the Icelandic government was liable to cover the minimum deposit guarantees. On this basis, formal negotiations between Iceland, the UK and the Netherlands started in February and were concluded in June 2009. Under the Agreements reached on 5 June 2009, the Icelandic Deposit Guarantee Fund would take a state-guaranteed loan from the UK and the…...

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