Rulings in Disputes over Icesave Deposits

The District Court of Reykjavik has issued rulings in proceedings relating to deposit claims lodged by the UK and Dutch deposit guarantee schemes in connection with the Icesave savings accounts which were offered in those countries. The Court confirmed the decisions reached by the Winding-Up Board as regards priority ranking, principal amount and ownership (subrogation). It furthermore concluded that the determination of interest and costs claims should be governed by UK and Dutch law. The Court held that the conditions imposed by those laws for claiming default interest had been met. It did not agree that there were grounds for claiming costs.

The deadline for appealing the rulings to the Supreme Court of Iceland has been set at two weeks.

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