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Icelandic government to repay Icesave loans

28th August 2009

Iceland's parliament has agreed to repay the money paid to savers to compensate losses following the collapse of the online bank Icesave.

The decision follows ten weeks of debate about the issue in the Icelandic parliament about whether the state should guarantee the loans granted by both governments.

Commenting on the decision, Icelandic prime minister Johanna Sigurdardottir said that the issue had 'greatly preoccupied the Althing and the people' since the bank's collapse.

He said: 'This has been its goal. Its conclusion of the matter aims towards securing the recovery of Iceland's financial system and economy.

'This is for the mutual benefit of both lender and borrower.'

Chancellor Alistair Darling committed to guaranteeing the savings deposits of UK Icesave customers prior to the bank's collapse in October.

Prime minister Gordon Brown also said that he would take legal action against the Icelandic government at the time.

Some 300,000 depositors are thought to have been affected by the collapse of the Icelandic bank.

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