“Icesave clients” will get their cash back

Dutch savers who put their money into Icelandic internet bank Icesave will get up to €100,000 of their money back, whatever happens, finance minister Wouter Bos promised on Thursday night.

Bos did not rule out taking legal action against the Icelandic government, which is technically guarantor for the first €20,000 of each saver’s cash.

Dutch officials will be talking to the Icelandic authorities on Friday about getting savers’ money back. But discussions over the past few days have proceeded with ‘great difficulty’ the Telegraaf reports.

Frozen accounts

All the bank’s accounts were frozen at the beginning of this week when Icesave’s parent company Landsbanki was put under government control after getting into financial difficulties.

Some 120,000 people in Holland have a total of €1.7bn in Icesave. The Icelandic government is responsible for the first €20,000 or so, with the Dutch guaranteeing the rest up to €100,000.

Central bank president Nout Wellink said on Thursday that most Dutch claims are under €20,000. Savers will get a form to fill in next week to make their claim.


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