Iceland:  Ministry for Foreign Affairs

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Yale University EliScholar – A Digital Platform for Scholarly Publishing at Yale YPFS Documents (Series 1) Browse by Media Type 11-16-2008 Agreed Guidelines Reached on Deposit Guarantees Iceland: Ministry for Foreign Affairs Follow this and additional works at: https://elischolar.library.yale.edu/ypfs-documents Recommended Citation Iceland: Ministry for Foreign Affairs, "Agreed Guidelines Reached on Deposit Guarantees" (2008). YPFS Documents (Series 1). 13165. https://elischolar.library.yale.edu/ypfs-documents/13165 This Document is brought to you for free and open access by the Browse by Media Type at EliScholar – A Digital Platform for Scholarly Publishing at Yale. It has been accepted for inclusion in YPFS Documents (Series 1) by an authorized administrator of EliScholar – A Digital Platform for Scholarly Publishing at Yale. For more information, please contact elischolar@yale.edu. November 17, 2008 Signi�cant progress has been made towards solving the differences on the interpretation oflegal obligations with respect to deposit guarantees in the European Economic Area. The issuestemmed from dif�culties following the collapse of former privately-owned Icelandic banks, inparticular the Landsbanki in the United Kingdom and the Netherlands and the issue of the so-called Icesave accounts. Talks between Iceland and several EU member states, initiated by theFrench EU Presidency, led to a common understanding that will form the basis for furthernegotiations.According to the agreed guidelines, the government of Iceland will cover deposits of insureddepositors in the Icesave accounts in accordance with EEA law. They also entail that the EU,under the French Presidency, will continue to participate in �nding arrangements that willallow Iceland to restore its �nancial system and economy.Furthermore, it was agreed to facilitate �nancial assistance to Iceland, including agreeing on astabilisation package from the IMF. Iceland´s request for �nancial assistance from the IMF willbe discussed at its Executive Board meeting on Wednesday 19 November.Agreed GuidelinesMinistry for Foreign Affairs/Agreed Guidelines Reached on DepositGuarantees�. The Government of Iceland has held consultations with the EU Institutions and theMember States concerned regarding the obligations of Iceland under the EEA withrespect to the Deposit Guarantee Directive 94/19/EC. All parties concluded that theDeposit Guarantee Directive has been incorporated in the EEA legislation in accordancewith the EEA Agreement, and is therefore applicable in Iceland in the same way as it isapplicable in the EU Member States.�. The acceptance by all parties of this legal situation will allow for the expeditious�nalization of negotiations underway concerning �nancial assistance for Iceland,including the IMF. These negotiations shall be conducted in a coordinated and consistentGovernment of IcelandGovernment of Iceland | Agreed Guidelines Reached on Deposit Guarantees https://www.government.is/news/article/2008/11/17/Agreed-Guidelines-...1 of 2 5/4/2022, 5:04 PMReykjavik 16 November 2008Tagsway, and shall take into account the unprecedented dif�cult situation of Iceland andtherefore the necessity of �nding arrangements that allow Iceland to restore its �nancialsystem and its economy.�. The EU and the EEA Institutions will continue to be involved and consulted on thisprocess.FOREIGN AFFAIRSGovernment of Iceland | Agreed Guidelines Reached on Deposit Guarantees https://www.government.is/news/article/2008/11/17/Agreed-Guidelines-...2 of 2 5/4/2022, 5:04 PM

Agreed Guidelines Reached on Deposit Guarantees

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Agreed Guidelines Reached on Deposit Guarantees

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