The EFTA court declined all claims from ESA in the case. This should mark the end of the Icesave dispute between Iceland, Britain and the Dutch, but the dispute has been ongoing since the financial crisis began in Iceland in 2008.
THE EFTA COURT
1. Dismisses the application.
2. Orders the EFTA Surveillance Authority to pay its own costs and the costs incurred by Iceland.
3. Orders the European Commission to bear its own costs.
Good news for Iceland
Credit rating agencies have said that the uncertainty related to the Icesave dispute has been standing in the way of better credit ratings for Iceland. Now it is expected that the credit rating of Iceland will go up in the near future. Access to foreign financial markets should also be easier for the government and for the private sector.