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Icelandic parliament votes to repay £3bn to UK and Netherlands

The Icelandic parliament has voted to repay more than £3bn to the UK and Dutch Governments for the money they spent compensating savers in the Icelandic banks.

The agreement was made in June but was passed with an amendment that set a limit on the payments based on Iceland’s gross domestic product.

Around 400,000 savers lost money through the collapse of the Icelandic banks last year.

The repayments will be in instalments over the next 15 years.



Brian Tora: A timely reminder

Cracks in investor confidence are appearing – and not before time. Our own market has held up remarkably well, but some of the better performing areas of the world – like China, for example – have seen a swift reversal of fortune. In a brief fortnight in the middle of August the Shanghai Composite Index shed 20 per cent – pretty much enough to qualify as a bear market.


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