Saturday June 6, 02:36 PM
Iceland to repay Britain over banking bailout
LONDON (AFP) - Iceland is to repay 2.3 billion pounds the British government gave to Britons who lost savings in the failed Icesave bank, the Treasury said on Saturday.
Under the agreement, the money -- equivalent to 2.6 billion euros or 3.7 billion dollars -- will be treated as a loan to the Icelandic Financial Compensation Scheme to be repaid to the British government over 15 years.
"The government welcomes Iceland's commitment to recognise its obligations under the EC Deposit Guarantee Scheme to repay depositors in Icesave," said a Treasury spokesman.
Icelandic internet bank Icesave was an online British arm of Iceland's second-biggest bank, Landsbanki, which was taken over by authorities last October.
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