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Icelandic authorities rubberstamp payment scheme

The Icelandic authorities have today revealed that more than £3 billion will be repaid to the UK and Netherlands governments who were forced to compensate those who lost money when Icelandic online bank Icesave collapsed. Even though the situation appeared to have been confirmed earlier this year, an amendment has since been added which will see the funds repaid over the next 15 years.

Aside from the fact that the UK authorities had used UK legislation to freeze Icelandic assets in the UK, effectively forcing the hand of the Icelandic government, the Iceland government believes this could see further financial assistance offered in due course. Even though there has been little mention of the Icelandic banking system over the last few months there is still much work to be done in order to stabilise and give the sector a base from which to grow in the future.

Even though there has been progress in addressing various issues within the Icelandic banking system there is no doubt that it will take many years for the country to regain any resemblance of respect in the investment markets. Many people, predominantly local authorities and wealthy individuals, have had their fingers well and truly burnt chasing a few extra percent in their interest rate - would they do it again?

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