Efta court's Icesave ruling leaves European deposit insurance in tatters

Tim Young

The surprising judgment by the European Free Trade Association (Efta) court in dismissing an application by Efta's own Surveillance Authority related to cross-border deposit insurance in favour of Iceland represents a Pyrrhic victory for Iceland and other small member states of the European Economic Area (EEA).

The Efta court on January 28 dismissed the surveillance authority's case that Iceland failed to comply with an obligation under EEA directives to make timely payment of the minimum

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