Icesave Saga Ends for Britain as Final Repayment Is Received
- Final installment completes 4.6 billion-pound recovery
- Depositors were bailed out by the U.K. government in 2008
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Iceland has fully reimbursed Britain for the collapse of Icesave after paying a final installment of 740 million pounds ($1.1 billion), the British Treasury said on Friday.
In 2008, Iceland refused to cover $5.4 billion in guarantees to 350,000 U.K. and Dutch depositors who were left facing losses when Landsbanki and other institutions collapsed during the Icelandic financial meltdown. The British and Dutch governments picked up the bill instead, and the lengthy battle to get the money back strained relations with Reykjavik.