Icesave debt could be more manageable than previously feared

It is now believed that 93 percent of Icesave and other priority foreign claimants can be covered by the assets of Old Landsbanki.

The bank’s resolution committee presented its accounts for the third quarter and a claimants’ meeting in London today, RUV reports.

There was an ISK 18 billion (USD 161.3 million) improvement in the capital retrieval of the old bank during the quarter. According to the resolution committee, roughly ISK 92 billion is now expected to fall on the shoulders of the Icelandic taxpayer – which is a lower figure than previously estimated.

The rate of recovery for domestic claimants in Icelandic kronur is slightly lower, at an estimated 86 percent.