Monday, 28 January 2013

EFTA Court finds no breach by Iceland under deposit guarantee Directive

The EFTA Court delivered its opinion today in EFTA Surveillance Authority v Iceland (Case E-16/11): see here (pdf). The court held that Iceland did not breach its obligations under Directive 94/19/EC on deposit-guarantee schemes (as it then stood) when it failed to ensure the payment of compensation to depositors in the UK and the Netherlands within the required time limits following the collapse of Icesave. A press summary of the decision is available here (pdf).

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