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Iceland to repay lost deposits

Iceland has agreed a deal to repay the UK and the Netherlands billions of pounds in lost deposits following the collapse of the island’s banks in 2008. 

The agreement includes a sovereign guarantee by Iceland and will pass into law following the passage of a bill introduced today into the Icelandic parliament. 

Treasury economic secretary Ian Pearson MP says: “This is an important agreement for all three countries.  It is good news for UK and Dutch taxpayers as it paves the way for the full repayment of funds lent to Iceland to meet its obligations Icesave depositors. For Iceland, the resolution of the Icesave issue is an important step to help restore its standing in international capital markets.”

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