The Icesave dispute is a diplomatic dispute that began in 2008 between Iceland on one hand and the United Kingdom and the Netherlands on the other. The dispute is centred on the retail creditors of the privately owned (since 2003) Icelandic bank Landsbanki, which offered online savings accounts under the "Icesave" brand. The bank was placed into receivership by the Icelandic Financial Supervisory Authority (FME) on 7 October 2008. As a result, more than 400,000 depositors with Icesave accounts in the UK and the Netherlands were unable to access their money for at least 6 to 8 weeks, while waiting for payout from the Deposit Guarantee Schemes in these countries. Much of the public controversy arose around the UK's use of the "anti-terrorism legislation" against Iceland.
Read more about Icesave Dispute: Icesave, Kaupthing Edge, Collapse of Landsbanki, Freezing of Assets in The UK, Reaction, Legal Arguments, Case E-16/11 - EFTA Surveillance Authority V Iceland
Famous quotes containing the word dispute:
“The king said, -Divide the living boy in two; then give half to the one, and half to the other. But the woman whose son was alive said to the king -because compassion for her son burned within her - -Please, my lord, give her the living boy; certainly do not kill him! The other said, -It shall be neither mine nor yours; divide it. Then the king responded: -Give the first woman the living boy; do not kill him. She is his mother.”
—Bible: Hebrew, 1 Kings. 3:25-37.
Solomon resolves a dispute between two women over a child. Solomon’s wisdom was proven by this story.