In this note we consider two headline points in relation to Landsbanki Island hf: (1) the responsibility of the Icelandic Government in respect of its obligations to the Icesave depositors under Directive 94/19/EC (the “Directive”); and (2) the Landsbanki Freezing Order in place in relation to the London Branch Assets.
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Confidential Documents Reveal UK, EU Bullying of Icelandic Government Over Banking Crisis
Several confidential documents have been discovered on the website of the Icelandic government providing insight into the bizarre legal tactics used by European governments during the recent financial crisis which led to the country’s economic collapse. Each document is a different analysis of the legal arguments behind the so-called “Icesave dispute”, in which the United Kingdom, the Netherlands, and other European governments attempted to force the Icelandic government to repay the debts created by private banking institutions outside their own country.