EFTA Surveillance Authority : Internal Market: Statement concerning judgment in the Icesave case

28.1.2013

PR(13)04

In a judgment announced today, the EFTA Court found that Icelandwas not obliged to ensure payment of a minimum compensation to the depositors after the collapse of the Icelandic online bank Icesave in 2008.

The EFTA Surveillance Authority brought the case to the Court in December 2011, arguing that Iceland had acted in breach of the Deposit Guarantee Directive by failing to ensure the payment of a minimum compensation of EUR 20.000 per depositer.

In its judgment, the Court dismissed the Authority's application.

"The Authority takes note of the judgment of the EFTA Court today. The Court case was necessary to bring clarity to an important issue under EEA law and to settle the matter according to the proper EEA process," Ms Oda Helen Sletnes, president of the EFTA Surveillance Authority, said.

The judgment is available at the website of the EFTA Court.

Further information and available documents can be found here.

For further information, please contact:

Mr. Trygve Mellvang-Berg
Press & Information Officer
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mob. [phone]