Deal reached with Iceland on savers’ cash

The Netherlands and Iceland have reached a definitive deal about the paying back of millions of euros lost by savers when internet bank Icesave went bankrupt last year.

The deal gives Iceland 15 years to pay back €1.3bn to the Dutch treasury at an interest rate of 5.5%.
The government has guaranteed all savings up to €100,000, with Iceland picking up the bill for the first €20,000 plus. The government agreed to give Iceland the loan to pay off its share of the debt to Dutch savers.
But a lobby group representing 200 savers who had more than €100,000 invested in Icesave has criticised the deal. It argues that Icelandic nationals are being fully compensated for their losses and says non-Icelandic nationals should not be discriminated against.

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