The Icesave case before the EFTA Court seeks to establish whether States are obliged to ensure that Deposit Guarantee Funds can pay out minimum guarantees in the case of system-wide banking failure. It also looks at whether depositors in Iceland and in branches in other EEA states were treated differently when practically the entire Icelandic banking system collapsed in October 2008. Regardless of the outcome of the legal case, assets of the failed Landsbanki are expected to cover more than 100% of all priority claims, including those of the British and Dutch governments.
Landsbanki, an Icelandic privately owned bank, opens a branch in London.
Landsbanki announces plans to open a branch in the Netherlands.
Landsbanki offers Icesave accounts in the UK, offering high interest rates to depositors and operating under EU/EEA financial regulations.
Landsbanki offers Icesave accounts in the Netherlands.
The Government of Iceland and the major shareholders of Glitnir, in cooperation with the Central Bank of Iceland and the Financial Supervisory Authority, have come to an agreement under which the Government will provide Glitnir with new equity.
Icelandic bank Glitnir asks Central Bank for assistance
The Government of Iceland and the major shareholders of Glitnir, in cooperation with the Central Bank of Iceland and the Financial Supervisory Authority, have come to an agreement under which the Government will provide Glitnir with new equity.
The Emergency Act passed by the Icelandic Parliament in response to special circumstances on the financial market.
The collapse of Landsbanki results in the Icelandic government stepping in and taking control.
The Government of Iceland underlines that deposits in domestic commercial and savings banks and their branches in Iceland will be fully covered.
Fellow Icelanders I have requested the opportunity to address you at this time when the Icelandic nation faces major difficulties.
The Icelandic Financial Supervisory Authority (FME) has under powers granted by the Icelandic Parliament proceeded to take control of Landsbanki.
In recent months, the world financial markets have been in a state of crisis mainly due to shortage of liquidity and limited supply of credit.
The UK government announces that it will guarantee Icesave deposits in the UK in full, beyond the £50,000 maximum under the deposit guarantee schemes in Iceland and the UK.
The UK government invokes anti-terrorism legislation (The 2001 Anti-Terrorism, Crime and Security Act) to seize assets and freeze accounts of Landsbanki in the UK.
The Icelandic Financial Supervisory Authority (FME) has under powers granted by the Icelandic Parliament proceeded to take control of Glitnir.
Under unusual and extraordinary circumstances on the financial market, the Minister of Finance, on behalf of the Treasury, is authorised to disburse funds in order to establish a new financial undertaking or take over a financial undertaking or its bankrupt estate, either wholly or in part.
The financial crisis culminates in the government takeover of Icelandic bank Kaupthing.
Iceland, the UK and the Netherlands reach a common understanding recalling that the EU Deposit Guarantee Directive was applicable in Iceland in accordance with EEA Agreement.
On 7 October 2008 the Financial Supervisory Authority, Iceland (FME) used powers granted by the Icelandic Parliament with reference to Article 100 of Act. No. 161/2002, as amended, to take control of Landsbanki Islands hf.
The Icelandic Financial Supervisory Authority (FME) has under powers granted by the Icelandic Parliament proceeded to take control of Kaupþing.
A new bank owned by the Treasury began operations today, taking over part of the operations of Landsbanki Íslands hf.
Delegations of Iceland and the United Kingdom have met in a friendly atmosphere in Reykjavík to discuss issues of mutual interest related to the current financial crisis, with the objective to reach a mutually satisfactory solution on the issues concerned.
The Government of Iceland and the Resolution Committee of Landsbanki are pleased to announce that an agreement has been reached on the outline terms for the compensation payable by New Landsbanki to Landsbanki in return for the transfer of net assets to New Landsbanki in October 2008.
On 7 October 2008 the Financial Supervisory Authority, Iceland (FME) used powers granted by the Icelandic Parliament with reference to Article 100 of Act. No. 161/2002, as amended, to take control of Glitnir banki hf.
Address to the Althing on the economic situation in Iceland by His Excellency the Prime Minister, Mr. Geir H. Haarde
The Parliament of Iceland passes a resolution on entering into negotiations with the UK and the Netherlands regarding the Icesave issue.
Significant progress has been made towards solving the differences on the interpretation of legal obligations with respect to deposit guarantees in the European Economic Area.
The Icelandic government, the Resolution Committee of Landsbanki Íslands (“the old bank”) and new Landsbankinn (NBI) have signed a final agreement on the settlement of assets and liabilities following the division of Landsbanki Íslands into old and new banks, following its collapse int October 2009.
Formal negotiations between Iceland, the UK and the Netherlands start regarding the payment of Icesave with Ambassador Svavar Gestsson heading the Icelandic negotiation committee.
Negotiations between Iceland, the UK and the Netherlands are concluded with an agreement.
The Netherlands and UK Governments have signed agreements with the Iceland Compensation Scheme to reimburse UK and the Netherlands for monies paid to eligible depositors in the Dutch and UK branches of Icesave.
An important milestone in the resurrection of Iceland's economy and on the restoration of Iceland's international credibility.
UK Treasury lifts the Landsbanki freezing order imposed under the The 2001 Anti-Terrorism, Crime and Security Act.
A bill is presented to Parliament authorising the Government to take on the state guarantee involved.
The Icesave bill is passed as law subject to a number of conditions aimed at securing Iceland’s debt sustainability and allowing Iceland to restore its economy and financial system.
Governments of the UK and the Netherlands reject the conditions but agree to negotiate amendments to the agreements reached.
Ossur Skarphedinsson, Minister for Foreign Affairs, met with his British and Dutch counterparts, David Miliband and Maxime Verhagen, on the margins of the United Nations General Assembly in New York last Friday.
Parliament narrowly passes the revised Icesave act as law.
Yesterday evening the Icelandic parliament Althingi approved a legislation authorising a state guarantee for loans by the UK and the Netherlands to the Depositors’ and Investors’ Guarantee Fund to cover payment of mandatory minimum deposit guarantees to holders of savings accounts in branches of Landsbanki Íslands hf. in those countries.
After a public outcry and an internet petition supposedly signed by up to a quarter of the electorate, the President of Iceland rejected the bill, effectively referring it to a referendum.
The President of Iceland has declined to sign a law authorising a state guarantee for repayment of loans provided by the UK and the Netherlands to the Depositors‘ and Investors‘ Guarantee Fund, intended to cover payment of the minimum deposit guarantees to depositors in the UK and Netherlands branches of the failed Landsbanki Íslands hf.
The Government of Iceland remains fully committed to honour Iceland´s obligations in the Icesave dispute with UK and the Netherlands.
The Icelandic Parliament, Althingi, convened today to debate a Government bill regarding the preparation for a national referendum on the so-called Icesave legislation.
A national referendum on the so-called Icesave legislation will be held on 6 March 2010, as announced by the Icelandic Minister of Justice, Ragna Arnadottir, today.
The Netherlands and UK Finance Ministers today met the Icelandic Finance Minister, who was accompanied by the leaders of the Independence Party and the Progressive Party. They exchanged views on the Icesave issue.
In light of the President’s refusal to sign the bill and the impending referendum, representatives of the governments of Iceland, the UK and the Netherlands meet to discuss a new solution to the Icesave dispute.
The negotiation committee representing the Icelandic government met today with representatives of the UK and Dutch governments in the Icelandic embassy in London.
The Government of Iceland today announced that the latest round of talks with the Netherlands and the United Kingdom regarding the Icesave matter have adjourned without a final resolution.
The Ministry for Foreign Affairs has set up a press centre for foreign journalists, coming to Iceland to follow the national referendum on the Icesave legislation, which is planned for Saturday 6 March.
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