The Icesave dispute in the aftermath of the Icelandic financial crisis: Revisiting the principles of state liability, prohibition of state aid and non-discrimination in European Law

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Abstract

This study focuses on the Icesave dispute and Icesave agreements between Iceland, the UK and The Netherlands in the light of European law (EU and EEA law) and explores two main issues: 1) the State liability for breaches of EU/EEA law on the basis of Directive 94/19/EC following a systemic bank collapse in Iceland; and 2) the principle of non discriminatory interplay between the nationalisation of Icelandic banks (State aid) and the payment of the minimum guarantee of €20.887 to depositors of Icesave accounts in the branches of Landsbanki in the UK and The Netherlands. This dispute was handled through diplomatic negotiations. The author is highly critical of the methodology followed. This cross border dispute brought to light new complex problems in a grey area of European law which should have been brought before the highest European courts. Icesave also seems to have turned Icelanders against the process of European integration and the EU.

Original languageEnglish
Pages (from-to)356-372
Number of pages17
JournalEuropean Journal of Risk Regulation
Volume2
Issue number3
DOIs
Publication statusPublished - 2011

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