Dutch receive first round of Icesave payouts

7th December 2011, Comments 0 comments

The Netherlands and Britain have received the first round of payouts from Icelandic bank, Landsbanki. According to Amstelveen Finance Alderman Herbert Raat, savers will receive their lost funds beginning next week.

“The winding-up board of Landsbanki Islands hf has made the first partial payments to priority creditors,” Landsbanki said in a statement.

“The total amount disbursed was equivalent to 432 billion Icelandic kronur 2.71 billion euros, which is close to one-third of the recognised priority claims.”

Approximately 10 provinces in North Holland had a total of 170 million euros outstanding with Landsbanki following the 2008 collapse of its online branch, Icesave. The British and Dutch governments paid out nearly four billion euros in compensation to 340,000 citizens who lost their savings in the fall.

Earlier this year, Icelandic judges ruled that the two countries were entitled to preferential treatment when recouping their losses.

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