"I welcome the EFTA Court's ruling on the Icesave issue. Having this issue unresolved has hampered the economic recovery of Iceland where steady progress has been made nonetheless. This ruling removes uncertainty and I firmly believe that our credit rating will reflect this outcome and our strong economic performance.

It is important to underline that the Icelandic authorities upheld the view at all times - also while seeking a negotiated solution of the matter- that we did not carry any legal obligation in relation to the Icesave matter.

The ruling of the EFTA court helps Iceland conclude a difficult period and allow all parties to move on. Because the EFTA Court has found that Iceland was not in breach of EU/EEA law, this marks the end of the matter on the behalf of the EFTA Surveillance Authority.

Payments to Icesave's creditors and depositors from the estate of the failed bank will continue, regardless of today's decision. The estate of the bank is working to resolve this situation as quickly as possible for depositors in the UK and Netherlands.”

- Ms. Katrin Juliusdottir

Source: The Ministry of Finance and Economic affairs

http://www.ministryoffinance.is