Business World

Sunday 11 December 2016

Iceland ditches bank payout deal

Published 05/01/2010 | 12:19

Iceland's president has refused to sign into law a Bill to compensate Britain and Holland for losses from the collapse of an internet savings bank.

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The decision by Olafur Ragnar Grimsson means the controversial legislation will now go to a national referendum. No date has yet been announced for the poll.

The law would have given £2.3 billion to Britain and 1.3 billion euro to Holland from 2016 to repay them for compensation claims from people who lost money in the collapse of internet bank Icesave.

The Bill was passed by Iceland's Parliament late last month after weeks of heated debate.

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