Settlement of Icesave claims

Tryggingarsjóður innstæðueigenda og fjárfesta (TIF) on the one hand and the Dutch Central Bank (DNB) and the British Financial Services Compensation Scheme (FSCS) on the other have reached an agreement on a full and final settlement of the claims resulting from deposits held by Landsbanki Íslands hf. (now LBI hf.) in its respective London and Amsterdam branches under the trademark of Icesave. The agreement entails that TIF paid its UK and Dutch counterparts the sum of 20 billion ISK. The funds were paid from part of the assets available in division B of TIF. Division B holds assets which for the most part were accumulated prior to the fall of the banking system in October 2008. An exemption was granted by the Central Bank of Iceland enabling the necessary payments.

Claim against the Icelandic Guarantee Fund

  • TIF has at its disposal approx. ISK 18.2 billion to meet the claim
  • No State Guarantee for the TIF
  • Dutch and British make claim for future payments received by the Fund
  • The DNB and FSCS’s most rigorous claims can be estimated at around thousand billion ISK

Announcement from the TIF Board

The Board of Directors of The Depositors’ and Investors’ Guarantee Fund (TIF or the Fund) has issued a decision dated 8 September 2011 on the arrangement with which payments will disbursed from the Fund’s Deposit Division following the collapse of the Icelandic banks in the fall of 2008 and later. The decision has been published in its entirety on the Fund’s website www.tif.is and shall be referred to for clarification and supplement of the information provided below. Creditors can also request to have the decision sent by mail.