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Thread: Iceland wins EFTA Court challenge over bank guarantee action

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    Default Iceland wins EFTA Court challenge over bank guarantee action

    Iceland has won its Court battle with the British and Dutch governments, who were supported by the EU Commission, over not honouring deposit guarantees for savers in Icesave. The EFTA Court dismissed all claims against Iceland, ruling that it had not breached the deposit guarantee directive 'due to the magnitude of the systemic crisis' that Iceland experienced. The Court judgment is now online.

    Quote Originally Posted by FT
    The EFTA (European Free Trade Association) court on Monday dismissed all claims against Iceland, ruling that it had not breached the deposit guarantee directive due to the magnitude of the systemic crisis that Iceland experienced. It also held that Iceland had not discriminated between depositors in its own country and those in the UK or Netherlands.

    Iceland reacted with relief after government officials had long been prepared for a defeat. “It is a considerable satisfaction that Iceland’s defence has won the day in the Icesave case; the EFTA Court ruling brings to a close an important stage in a long saga,” the government said.
    The Court press statement here says:

    "The Court held that the Directive did not envisage the alleged obligation of result to ensure payment
    to depositors in the Landsbanki branches in the Netherlands and the United Kingdom in a systemic
    crisis of the magnitude experienced in Iceland.

    How to proceed in a case where the guarantee scheme
    was unable to cope with its payment obligations remained largely unanswered by the Directive. The
    only operative provision that deals with non-payment is Article 7(6) according to which depositors
    have the possibility to bring an action against the responsible scheme.

    An action against or an
    obligation on the EEA State in question, though, was not envisaged in the Directive’s provisions."

    Moreover, neither case law nor a comparison with secondary law supported the first plea.

    ..............

    Iceland is nevertheless making certain payments in relation to the matter. The scope and impact of the ruling remains to be seen. The FT - which describes the result as unexpected - maintains it may have only limited impact.

    Iceland wins UK compensation battle - FT.com
    Last edited by He3; 28th January 2013 at 04:24 PM.
    "It is difficult to get a man to understand something when his salary depends upon his not understanding it." - Upton Sinclair.

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    Icelands economy grew by 2.7% in 2012.

    they also gave debt relief to their citizens in negative equity.


    And politicians and posters here in 2008-2010 were falling over themselves to try and distance Ireland from Iceland.

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    EU Commissioner Barnier issued this statement when the case was launched against Iceland, saying that the Commission agreed with the legal arguments being made against Iceland.

    Statement by Commissioner Michel Barnier on the EFTA Surveillance Authority's decision to take Iceland to the EFTA Court

    "The Commission takes note of the EFTA Surveillance Authority's decision to file an application to the EFTA Court for Iceland's failure to ensure that the Dutch and British depositors in "Icesave" accounts received the minimum compensation according to the Directive on Deposit Guarantee Schemes. The Commission shares the Surveillance Authority's legal analysis as regards the interpretation of the Directive on Deposit Guarantee Schemes."
    "It is difficult to get a man to understand something when his salary depends upon his not understanding it." - Upton Sinclair.

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    Politics.ie Member seabhcan's Avatar
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    Quote Originally Posted by SKELLY View Post
    they also gave debt relief to their citizens in negative equity.
    Not really, as discussed at length on another thread.

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    Politics.ie Member Grumpy Jack's Avatar
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    Quote Originally Posted by He3 View Post
    EU Commissioner Barnier issued this statement when the case was launched against Iceland, saying that the Commission agreed with the legal arguments being made against Iceland.

    Statement by Commissioner Michel Barnier on the EFTA Surveillance Authority's decision to take Iceland to the EFTA Court

    "The Commission takes note of the EFTA Surveillance Authority's decision to file an application to the EFTA Court for Iceland's failure to ensure that the Dutch and British depositors in "Icesave" accounts received the minimum compensation according to the Directive on Deposit Guarantee Schemes. The Commission shares the Surveillance Authority's legal analysis as regards the interpretation of the Directive on Deposit Guarantee Schemes."
    The Commission was party to the case - it 'supported' the EFTA action.

    Here's the full judgement:

    http://www.eftacourt.int/images/uplo...1_Judgment.pdf

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    The Problem in Ireland is that the Elected Politicians have decided that the interest of the EU out way the interest of this country's citizens. you cannot serve two masters equally one has to suffer . in our case that is the taxpayers of Ireland and all those have lost there jobs during this self inflicted Rescission. Iceland looked after Iceland .Ireland Looked after the EU /IMF .

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    Quote Originally Posted by Airwave View Post
    The Problem in Ireland is that the Elected Politicians have decided that the interest of the EU out way the interest of this country's citizens. you cannot serve two masters equally one has to suffer . in our case that is the taxpayers of Ireland and all those have lost there jobs during this self inflicted Rescission. Iceland looked after Iceland .Ireland Looked after the EU /IMF .
    Ireland is part of the EU.

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    Politics.ie Member emulator's Avatar
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    Quote Originally Posted by SKELLY View Post
    Icelands economy grew by 2.7% in 2012.

    they also gave debt relief to their citizens in negative equity.


    And politicians and posters here in 2008-2010 were falling over themselves to try and distance Ireland from Iceland.
    They still are !

    Every chance they get.... I think there was actually a thread on it a while back that was set up to "Dispel the myth of Iceland" or some such....

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    Politics.ie Member The Field Marshal's Avatar
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    Quote Originally Posted by ManUnited View Post
    Ireland is part of the EU.
    Wow. Thanks for the reminder. When you have stopped rolling over why don't you also remind Ireland to be grateful and keep tugging the forelock.
    Repeal the thirty-fourth amendment of the Irish constitution :
    Children have a basic right to be reared by a mother and a father.

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    Quote Originally Posted by ManUnited View Post
    Ireland is part of the EU.
    It is worth repeating that the case was about the interpretation of an EU Directive on deposit-guarantee schemes, which Iceland was required to abide by.

    So even though Iceland is not part of the EU, it was brought to court for allegedly breaching what is an EU law. The EFTA Court in Luxembourg has held that its dire systemic crisis - which was not anticipated by the Directive - excused its actions.
    Last edited by He3; 28th January 2013 at 04:20 PM.
    "It is difficult to get a man to understand something when his salary depends upon his not understanding it." - Upton Sinclair.

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