A response from the Ministry of Economic Affairs to the EFTA Surveillence Authority‘s Letter of Formal Notice regarding the Icesave dispute was submitted by the Ambassdor of Iceland in Brussels earlier today.
In the response, Iceland maintains that it did not fail to comply with its obligations under Directive 94/19/EC. The Government urges the Authority to conclude the matter without any further action.
Payments from the estate of the failed Landsbanki to priority claimants, including the British and Dutch governments, will commence as scheduled. The Icelandic Government is optimistic that in due course all depositor claims will be paid in full. Unilateral action by the British and Dutch authorities has not helped in this respect. The response lays out Iceland‘s position on the issue, the background and facts of the matter, and the Government‘s legal argument.
Iceland‘s response to ESA can be read in full here.
Reykjavik May 2, 2011.