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Banks: Iceland

Volume 489: debated on Tuesday 10 March 2009

To ask the Chancellor of the Exchequer what guarantees he had received from the Icelandic authorities on the security of deposits held in Icelandic banks by UK citizens and corporations at the time that the UK agreed to support an International Monetary Fund loan to Iceland. (262716)

On 19 November the IMF announced the approval of a $2.1 billion two-year loan for Iceland to support an economic recovery programme to help Iceland restore confidence in its banking system and stabilise its currency. This includes Iceland's commitment to “ensuring the fair and equitable treatment of depositors and creditors of the intervened banks” and Iceland's recognition of its obligations to depositors under the EC Deposit Guarantee Scheme Directive.