30-Mar-2016: Liquidators' Update, see Deloitte site

Sigurdardottir Tells Brown Icesave Accord Isn’t Legally Binding

Nov. 26 (Bloomberg) -- Iceland’s Prime Minister Johanna Sigurdardottir has written to U.K. Prime Minister Gordon Brown, stating her opinion that an accord with the U.K. and Netherlands on depositor guarantees isn’t legally binding.

Following an amended agreement, from Oct. 19 Iceland agreed to reimburse U.K. and Dutch depositors of failed Landsbanki Island hf’s Icesave Internet accounts “without there being an unequivocal legal obligation to do so,” Sigurdardottir wrote in the letter to Brown, dated Nov. 17. The agreement still needs to be ratified by Iceland’s parliament. . . .

“If Iceland’s position were, at a later date in time, to be vindicated by a competent adjudicator, we would certainly expect the other parties to revisit the matter in a spirit of fairness and good faith,” Sigurdardottir wrote Brown. 26-Nov-09.