The Icesave saga

This is fun:

However, the controversy appears to have been unnecessary, since administrators now believe that the value of the collapsed bank\’s assets should be enough to compensate priority creditors in full.

In fact, the bank has more than double the assets needed to compensate foreign depositors from Britain and the Netherlands, according to the latest report from the bank\’s resolution committee. Its new calculations are based on the fact that the liquidation of assets is raising more than it had predicted.

Arni Pall Arnason, Iceland\’s economy minister, told Bloomberg on Friday: \”These simple facts should change completely our understanding of the old Icesave dispute. There is nothing to dispute any longer.\”

Doesn\’t make the slightest diffrence to the Icesave creditors as they\’ve already been paid off. But the deposit guarantee systems of Holland and the UK should benefit, as they get paid back out of the assets recovered.

The report isn\’t entirely clear but I think that it\’s only the statutory amount that they\’re going to pay, the €22,000 or so an account. I don\’t think (although could be wrong) it covers those councils etc who lost millions.

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