Dutch province bids to recover Icelandic savings

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The Province of North Holland has called for the assets of Icelandic banks to be seized in the Netherlands and abroad.

19 October 2008

Royal Commissioner Harry Borghouts said in a radio interview that the province hopes this move will enable it to recover the millions it is in danger of losing now that the Icelandic banks can no longer meet their commitments. North Holland deposited almost 100 million euros in Icelandic bank accounts in order to profit from the high interest rates on offer.

Deputy Interior Minister Ank Bijleveld says she does not believe that any of the government bodies that deposited money with the bankrupt banks will face pressing financial difficulties as a result of their losses.

In total Dutch local and provincial authorities entrusted over 225 million euros to Lehman Brothers, Landsbanki and Kaupthing, all of which have failed to survive the current financial crisis.

Radio Netherlands/ Expatica

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