Republic of Iceland

Icesave Dispute: Confidential Legal Threat from European Union to the Icelandic Ambassador

The Directive sets an obligation to pay depositors at least 20.000 EUR when deposits become unavailable, i.e. when the relevant national authority has determined that the credit institution concerned is unable to repay the deposits. The Directive does not preclude provisions which offer a higher or more comprehensive cover for deposits, provided that this cover is applied to aggregate deposits, irrespective of the location within the EEA.