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Bank Charges: Iceland reaches deal with UK over Icesave compensation

The Icelandic government has reached a deal with the UK to resolve the countries' long-running dispute over failed bank Icesave.

Icelandic officials confirmed that the government will repay the £2.3 billion that the British state spent on compensation for Icesave customers who lost their funds when the firm collapsed.

Netherlands will also receive compensation as many of its citizens also invested in the firm.

A Treasury spokesman said: "The UK welcomes this new proposal from Iceland on IceSave and looks forward to successfully resolving the issue by signing a new loan agreement.

"Mutually-satisfactory closure of this issue will mark a new chapter in UK-Iceland relations."

Under the terms of the new agreement, Iceland must begin repayments by 2016 and complete them by 2046, at an interest rate of 3.3 per cent.

Negotiations between the two sides have been on-going for the past two years, with Icelandic voters previously unwilling to agree to an interest rate of 5.5 per cent.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800285779-ADNFCR



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