Iceland Says $11.4 Billion Payout Ends Spat With British, Dutch
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Iceland declared a three-year dispute with the U.K. and the Netherlands to be history after it promised to pay out $11.4 billion from the estate of failed Landsbanki Islands hf to cover all foreign depositor losses.
The most recent valuation of Landsbanki’s assets shows the lender, which failed in October 2008 together with the rest of Iceland’s financial system, will have enough funds to pay back more than double the $5.3 billion backed by depositor guarantees, according to a report published by the bank’s resolution committee yesterday.