Icelandic Parliament Votes to Repay $5 Billion to UK and Netherlands

The Icelandic parliament has voted to repay more than $5 billion to the governments of the UK and the Netherlands, money that had been given by those governments to compensate individuals who lost money in the collapse of Iceland’s online bank Icesave.

Iceland’s Prime Minister Johanna Sigurdardottir stated, “The guarantee of the combined loans from the United Kingdom and the Netherlands constitutes the single largest financial commitment ever undertaken by the government of Iceland.”

Those loans followed a severe banking collapse in Iceland a year ago.

While the deal to repay the loan was made in June it wasn’t until an amendment was added that set limits to the payments. As part of the bill there will be no payments made for the next seven years and there is a provision that states that if the full payments haven’t been made by 2024 no further payments will be made.

Also stated in the agreed bill was a limit to the payments based on Iceland’s GDP. Iceland will only have to pay 4% of its economic output each year to the UK while they will send no more than 2% to the Netherlands.

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