The Icesave ruling: In the cooler

Posted: February 1, 2013 in economy
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The next supermodel

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The Icesave ruling


A court ruling over an Icelandic bank is a blow to global banking

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Not all Icelandic flows are controversial

Not all Icelandic flows are controversial

“GORDON BROWN will be long remembered in my country for centuries to come, long after he has been completely forgotten in Britain.” The bitterness still voiced by Olafur Ragnar Grimsson, Iceland’s president, at the 2008 decision by Britain’s former prime minister to invoke anti-terrorism laws to freeze the assets of a failed Icelandic bank was chilly even for Davos. A January 28th ruling by a little-known European court may have warmed Mr Grimsson’s heart a little.
The ruling, delivered in Luxembourg by the European Free-Trade Association Court, dealt with the collapse of Icesave, an online subsidiary of Iceland’s Landsbanki. Before the crisis Icesave had used a European “passport” to open branches abroad and collected deposits …

via Economic Crisis


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