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Iceland passes bill to repay Icesave losses to Britain and Netherlands


17 Feb 2011


Euro & Finance

The Icelandic Parliament has approved a bill which will lead to the repayment of British and Dutch depositors who lost funds when the Icesave bank collapsed.

Pat the Cope Gallagher, (FF, Ireland), Chairman of the delegation to Switzerland, Iceland and Norway and to the European Economic Area  reacted  "I welcome the  decision   by  the Icelandic Parliament  to  approve   the  Icesave agreement with the  UK and  the  Netherlands.    Throughout, the process, I have always stressed that it  was  a bilateral issue between the three governments and that it should not impede the accession process of Iceland to the EU in any way.  I remain fully supportive of their bid to join the European Union and look forward to continuing negotiations."

Diana Wallis (Liberal Democrat, UK) Vice President of the European Parliament added "It is exceptionally good news for all sides of the Icesave issue, even better news because it clears the ground for the Icelandic application to EU membership.  The Icelandic people can now consider joining the EU without feeling pressurised by the unfinished business of the Icesave issue".
Hans Van Baalen(VVD, Netherlands) continued  "We can finally move on from the Icesave issue.  The bill still needs to be signed off by the President Olafur Grimsson but I am confident it will happen.  Even though formally the Icesave issue was separate to the negotiations on EU membership, this issue remained a stumbling block.  This was the right thing to do and I welcome this news."

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