Iceland Approves 3.8bn Payment to UK and Netherlands

December 31, 2009 Share Print 0

Iceland’s parliament has approved plans to repay 3.8bn euros (Ã‚Â£3.4bn) to savers in the UK and the Netherlands.
The money will go to the British and Dutch governments, who partially compensated savers when the Icesave online bank failed. More than 320,000 savers lost out when the bank collapsed in 2008.
A bill on the measure, narrowly approved against strong opposition, was seen as crucial to Iceland’s bid to join the EU and rebuild its economy.

BBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.