Minister Bos disappointed in decision President Iceland

Minister Bos is disappointed that the President of Iceland Olafur Ragnar Grimsson will not sign the bill adopted by the Icelandic Parliament on 31 December.

This would have provided the statutory foundation for the issue of a sovereign guarantee by Iceland as set out in the loan agreement between Iceland and the Netherlands. The loan agreement contains the terms pertaining to the repayment by Iceland of the Icesave funds prefinanced by the Netherlands. Iceland has concluded a similar agreement with the United Kingdom. Over the past months the countries have spent much time on the further details of that agreement, explicitly taking account of the Icelandic Parliament’s wishes and the developments of the economy in Iceland. The Minister expects to hear soon from the Icelandic government explaining the situation that has now arisen in Iceland and the steps it will take. The Netherlands in any event persists that Iceland is obliged to repay the loan. It is unacceptable that the Icesave issue has not yet been resolved. The Netherlands will shortly enter talks with the United Kingdom to discuss this.