Icesave deal tantalisingly close: Iceland Finance Minister

icesave-logo-sm“There has been a great deal of work done on this issue and we are nearer than ever to working this out,” said Steingrimur J. Sigfusson, Iceland’s Minister of Finance in regard to negotiations with the Netherlands and UK authorities on funds from Landsbanki’s old Icesave savings accounts in those countries.

Sigfusson told Morgunbladid that among the solutions under discussion with the Icelandic negotiating committee (under the leadership of Svavar Gestsson) is whether takings from Old Landsbanki loans can be directly used to pay off debts from Icesave.

According to the Finance Minister, it is still unclear how much the Icelandic treasury will have to pay in the end. The final figure will depend on exactly how the Icesave debts are repaid and at what rate. “The first figures suggested a bill of 150 billion kronur; and then that figure dropped to 70 billion. It is still very unclear,” he said.

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