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Iceland wins EFTA Court challenge over bank guarantee action


He3

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Iceland has won its Court battle with the British and Dutch governments, who were supported by the EU Commission, over not honouring deposit guarantees for savers in Icesave. The EFTA Court dismissed all claims against Iceland, ruling that it had not breached the deposit guarantee directive 'due to the magnitude of the systemic crisis' that Iceland experienced. The Court judgment is now online.

FT said:
The EFTA (European Free Trade Association) court on Monday dismissed all claims against Iceland, ruling that it had not breached the deposit guarantee directive due to the magnitude of the systemic crisis that Iceland experienced. It also held that Iceland had not discriminated between depositors in its own country and those in the UK or Netherlands.

Iceland reacted with relief after government officials had long been prepared for a defeat. “It is a considerable satisfaction that Iceland’s defence has won the day in the Icesave case; the EFTA Court ruling brings to a close an important stage in a long saga,” the government said.
The Court press statement here says:

"The Court held that the Directive did not envisage the alleged obligation of result to ensure payment
to depositors in the Landsbanki branches in the Netherlands and the United Kingdom in a systemic
crisis of the magnitude experienced in Iceland.

How to proceed in a case where the guarantee scheme
was unable to cope with its payment obligations remained largely unanswered by the Directive. The
only operative provision that deals with non-payment is Article 7(6) according to which depositors
have the possibility to bring an action against the responsible scheme.

An action against or an
obligation on the EEA State in question, though, was not envisaged in the Directive’s provisions."

Moreover, neither case law nor a comparison with secondary law supported the first plea.

..............

Iceland is nevertheless making certain payments in relation to the matter. The scope and impact of the ruling remains to be seen. The FT - which describes the result as unexpected - maintains it may have only limited impact.

Iceland wins UK compensation battle - FT.com
 
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SKELLY

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Icelands economy grew by 2.7% in 2012.

they also gave debt relief to their citizens in negative equity.


And politicians and posters here in 2008-2010 were falling over themselves to try and distance Ireland from Iceland.
 

He3

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EU Commissioner Barnier issued this statement when the case was launched against Iceland, saying that the Commission agreed with the legal arguments being made against Iceland.

Statement by Commissioner Michel Barnier on the EFTA Surveillance Authority's decision to take Iceland to the EFTA Court

"The Commission takes note of the EFTA Surveillance Authority's decision to file an application to the EFTA Court for Iceland's failure to ensure that the Dutch and British depositors in "Icesave" accounts received the minimum compensation according to the Directive on Deposit Guarantee Schemes. The Commission shares the Surveillance Authority's legal analysis as regards the interpretation of the Directive on Deposit Guarantee Schemes."
 

Grumpy Jack

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EU Commissioner Barnier issued this statement when the case was launched against Iceland, saying that the Commission agreed with the legal arguments being made against Iceland.

Statement by Commissioner Michel Barnier on the EFTA Surveillance Authority's decision to take Iceland to the EFTA Court

"The Commission takes note of the EFTA Surveillance Authority's decision to file an application to the EFTA Court for Iceland's failure to ensure that the Dutch and British depositors in "Icesave" accounts received the minimum compensation according to the Directive on Deposit Guarantee Schemes. The Commission shares the Surveillance Authority's legal analysis as regards the interpretation of the Directive on Deposit Guarantee Schemes."
The Commission was party to the case - it 'supported' the EFTA action.

Here's the full judgement:

http://www.eftacourt.int/images/uploads/16_11_Judgment.pdf
 

Airwave

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The Problem in Ireland is that the Elected Politicians have decided that the interest of the EU out way the interest of this country's citizens. you cannot serve two masters equally one has to suffer . in our case that is the taxpayers of Ireland and all those have lost there jobs during this self inflicted Rescission. Iceland looked after Iceland .Ireland Looked after the EU /IMF .
 

ManUnited

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The Problem in Ireland is that the Elected Politicians have decided that the interest of the EU out way the interest of this country's citizens. you cannot serve two masters equally one has to suffer . in our case that is the taxpayers of Ireland and all those have lost there jobs during this self inflicted Rescission. Iceland looked after Iceland .Ireland Looked after the EU /IMF .
Ireland is part of the EU.
 

emulator

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Icelands economy grew by 2.7% in 2012.

they also gave debt relief to their citizens in negative equity.


And politicians and posters here in 2008-2010 were falling over themselves to try and distance Ireland from Iceland.
They still are !

Every chance they get.... I think there was actually a thread on it a while back that was set up to "Dispel the myth of Iceland" or some such....
 

The Field Marshal

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Ireland is part of the EU.
Wow. Thanks for the reminder. When you have stopped rolling over why don't you also remind Ireland to be grateful and keep tugging the forelock.
 

He3

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Ireland is part of the EU.
It is worth repeating that the case was about the interpretation of an EU Directive on deposit-guarantee schemes, which Iceland was required to abide by.

So even though Iceland is not part of the EU, it was brought to court for allegedly breaching what is an EU law. The EFTA Court in Luxembourg has held that its dire systemic crisis - which was not anticipated by the Directive - excused its actions.
 
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Bonsai Experiment

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Icelands economy grew by 2.7% in 2012.

they also gave debt relief to their citizens in negative equity.


And politicians and posters here in 2008-2010 were falling over themselves to try and distance Ireland from Iceland.

No they didnt , no we weren't , its different for Ireland, cant be done, we all partied, we should all just go kill ourselves...ehh...:p
 

DuineEile

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Not really, as discussed at length on another thread.

Just because one Icelandic journalist takes a different view, doesn't mean they didn't give debt relief in the way it is being generally being reported. One contrarian view is hardly conclusive.

D
 

ManUnited

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It is worth repeating that the case was about the interpretation of an EU Directive on deposit-guarantee schemes, which Iceland was required to abide by.

So even though Iceland is not part of the EU, it was brought to court for allegedly breaching what is an EU law. The EFTA Court in Luxembourg has held that its dire systemic crisis - which were not anticipated by the Directive - excused its actions.
I was only pointing out how silly it is to say Ireland acted in the EU's interest at our expense, when we are part of the EU.
 

Airwave

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Ireland is part of the EU.
Are we treated as an equal part of Europe? Actions speak louder than Good English .where is this Europe of equals we keep hearing so much about ?.The ruling by fooling brigade have sold the lie that a small Island off another small island has Punched above its weight etc etc for years ,all was well until the chickens came home to roost now we are laying the golden egg that has bought the time the rest of The EU needed to steady the ship. we are expendable my friend or as the military types would say "Acceptable losses" . if you need a cure for the age old disease of Neo Colonialism or self hate may i suggest Love .Ireland can manage her own affairs as part of a real Europe of equals as opposed to being reduced to the level of Feudal Serfs or sack cloth and Ash by our Political Elites
 

ManUnited

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Are we treated as an equal part of Europe? Actions speak louder than Good English .where is this Europe of equals we keep hearing so much about ?.The ruling by fooling brigade have sold the lie that a small Island off another small island has Punched above its weight etc etc for years ,all was well until the chickens came home to roost now we are laying the golden egg that has bought the time the rest of The EU needed to steady the ship. we are expendable my friend or as the military types would say "Acceptable losses" . if you need a cure for the age old disease of Neo Colonialism or self hate may i suggest Love .Ireland can manage her own affairs as part of a real Europe of equals as opposed to being reduced to the level of Feudal Serfs or sack cloth and Ash by our Political Elites
What a load of nonsense.
 

ManUnited

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Could you point out the nonsense ,so as i wont make that mistake again thanks .
The whole post is nonsense. 'Acceptable losses' 'neo-colonialism' 'feudal serfs'? Try posting something worth reading.
 

Spanner Island

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Is this relevant to Ireland seeing as we did guarantee deposits and went further in paying back bondholders etc.?

Or is the point simply that Cowen and Lenihan f***ed up on OUR behalf on a monumental scale?
 
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