Cold comfort for Icesave guarantors

Central Bank of Iceland

The UK Financial Services Compensation Scheme (FSCS) and the Netherlands Bank (DNB) have launched legal proceedings in Iceland against the Icelandic Depositors and Investors' Guarantee Fund (TIF) in an attempt to confirm the TIF remains obliged to cover the cost of Iceland's €20,887 ($28,687) guarantee to each Icesave depositor.

In rejecting the British and Dutch claim on the State of Iceland as sponsors of the TIF, Iceland had always assured the UK and Netherlands that their deposit protection

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