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Ministry of Finance and Economic Affairs

The Finance Ministers of Iceland, the United Kingdom and the Netherlands: Joint Statement upon introduction of a Bill on Icesave to the Icelandic Parliament Althingi

Press release No. 71/2009

Following the signing of an acceptance and amendment agreement between Iceland and each of the UK and the Netherlands a bill was introduced to the Icelandic parliament today. Those amendment agreements and the Bill mark the final steps in implementing the Icesave loan arrangements between Iceland and the UK and the Netherlands.

In the loan agreements, as amended, the UK and the Netherlands have accepted i.a. the economic conditions set out in Iceland’s Act No. 96/2009 adopted by Parliament on 28 August 2009. In the new Bill Iceland reaffirms its binding guarantee of the obligations of the Icelandic Deposit Guarantee Fund to compensate UK and Dutch depositors with Icesave without admitting any pre-existing legal obligation to provide that support. The Bill also mandates Iceland's Minister of Finance to monitor Iceland's economic position and the mechanics of the Icesave loan agreements with a view to ensuring their smooth implementation and taking steps towards further discussions as needed.

All parties share a willingness to work together in the coming months and years, including at the request of any of the parties to discuss and possibly react to issues that may arise. The parties will co-operate in providing assistance for the recovery of the relevant Landsbanki assets.

The finance ministers of Iceland, the United Kingdom and the Netherlands acknowledge that the budget discipline inherent in Iceland agreeing the Icesave loan arrangements will not be easy for the people of Iceland. They express support for a successful IMF review consistent with decisions taken in November last year on the basis of Iceland's letter of intent. They consider the resolution of the Icesave issue coupled with the financial support provided by other European countries and the IMF to be an important step that will greatly enhance Iceland's standing in and access to the international financial markets.

Ministry of Finance, October 19 2009


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