Crisis in Iceland: Deposit-Guarantee Scheme Failure and State Liability
On January 28, 2013, the Court of Justice of the European Free Trade Association States held that Iceland was not required to compensate foreign depositors of Landsbanki, an Icelandic bank, when the deposit-guarantee scheme failed to reimburse depositors following the 2008 financial crisis. The cour...
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ftbostoncollelaw:oai:lawdigitalcommons.bc.edu:iclr-1743 2023-05-15T16:46:53+02:00 Crisis in Iceland: Deposit-Guarantee Scheme Failure and State Liability Kelsey, Benjamin C. 2015-04-14T07:00:00Z application/pdf https://lawdigitalcommons.bc.edu/iclr/vol38/iss3/4 https://lawdigitalcommons.bc.edu/cgi/viewcontent.cgi?article=1743&context=iclr unknown Digital Commons @ Boston College Law School https://lawdigitalcommons.bc.edu/iclr/vol38/iss3/4 https://lawdigitalcommons.bc.edu/cgi/viewcontent.cgi?article=1743&context=iclr Boston College International and Comparative Law Review Banking and Finance Law Consumer Protection Law International Law text 2015 ftbostoncollelaw 2021-08-06T11:07:58Z On January 28, 2013, the Court of Justice of the European Free Trade Association States held that Iceland was not required to compensate foreign depositors of Landsbanki, an Icelandic bank, when the deposit-guarantee scheme failed to reimburse depositors following the 2008 financial crisis. The court supported its conclusion with the text of the Directive that established deposit-guarantee schemes as well as policy arguments regarding consumer protection and moral hazard. The court also found that Iceland’s failure to repay foreign depositors did not constitute an act of discrimination. Although the court correctly interpreted both the text and policy goals of the Directive, the precedential value of the court’s decision may be limited due to the severity of the 2008 crisis. Text Iceland Digital Commons @ Boston College Law School |
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Digital Commons @ Boston College Law School |
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Banking and Finance Law Consumer Protection Law International Law |
spellingShingle |
Banking and Finance Law Consumer Protection Law International Law Kelsey, Benjamin C. Crisis in Iceland: Deposit-Guarantee Scheme Failure and State Liability |
topic_facet |
Banking and Finance Law Consumer Protection Law International Law |
description |
On January 28, 2013, the Court of Justice of the European Free Trade Association States held that Iceland was not required to compensate foreign depositors of Landsbanki, an Icelandic bank, when the deposit-guarantee scheme failed to reimburse depositors following the 2008 financial crisis. The court supported its conclusion with the text of the Directive that established deposit-guarantee schemes as well as policy arguments regarding consumer protection and moral hazard. The court also found that Iceland’s failure to repay foreign depositors did not constitute an act of discrimination. Although the court correctly interpreted both the text and policy goals of the Directive, the precedential value of the court’s decision may be limited due to the severity of the 2008 crisis. |
format |
Text |
author |
Kelsey, Benjamin C. |
author_facet |
Kelsey, Benjamin C. |
author_sort |
Kelsey, Benjamin C. |
title |
Crisis in Iceland: Deposit-Guarantee Scheme Failure and State Liability |
title_short |
Crisis in Iceland: Deposit-Guarantee Scheme Failure and State Liability |
title_full |
Crisis in Iceland: Deposit-Guarantee Scheme Failure and State Liability |
title_fullStr |
Crisis in Iceland: Deposit-Guarantee Scheme Failure and State Liability |
title_full_unstemmed |
Crisis in Iceland: Deposit-Guarantee Scheme Failure and State Liability |
title_sort |
crisis in iceland: deposit-guarantee scheme failure and state liability |
publisher |
Digital Commons @ Boston College Law School |
publishDate |
2015 |
url |
https://lawdigitalcommons.bc.edu/iclr/vol38/iss3/4 https://lawdigitalcommons.bc.edu/cgi/viewcontent.cgi?article=1743&context=iclr |
genre |
Iceland |
genre_facet |
Iceland |
op_source |
Boston College International and Comparative Law Review |
op_relation |
https://lawdigitalcommons.bc.edu/iclr/vol38/iss3/4 https://lawdigitalcommons.bc.edu/cgi/viewcontent.cgi?article=1743&context=iclr |
_version_ |
1766036989564420096 |