Iceland’s Financial Crisis – Quo Vadis International Law

ASIL Insight, Vol. 14, No. 5, March 1, 2010

6 Pages Posted: 1 Jan 2011

See all articles by Michael Waibel

Michael Waibel

University of Cambridge - Faculty of Law; Lauterpacht Centre for International Law; University of Cambridge - Jesus College

Date Written: April 1, 2010

Abstract

In October 2008, Iceland’s banking system collapsed. Within a week, the three major banks comprising ninety percent of the Icelandic banking system had failed. A long-running dispute on who ought to pay for the deposits in failed Icelandic banks has poisoned relations between Iceland, the United Kingdom, as well as the Netherlands. In total, Iceland could be obliged to pay more than US $4.5 billion dollars to the U.K. and the Netherlands. The perceived passivity of the EU in this dispute fueled a backlash against EU membership in Iceland. The article analyses the legal merits of the British and Dutch claims for reimbursement.

Keywords: Iceland, Bank Insolvency, Deposit Insurance, Kaupthing

JEL Classification: K33, E53

Suggested Citation

Waibel, Michael, Iceland’s Financial Crisis – Quo Vadis International Law (April 1, 2010). ASIL Insight, Vol. 14, No. 5, March 1, 2010. Available at SSRN: https://ssrn.com/abstract=1732789

Michael Waibel (Contact Author)

University of Cambridge - Faculty of Law ( email )

10 West Road
Cambridge, CB3 9DZ
United Kingdom

Lauterpacht Centre for International Law ( email )

5 Cranmer Road
Cambridge, CB3 9BL
United Kingdom

University of Cambridge - Jesus College ( email )

Jesus Lane
Cambridge, CB5 8BL
United Kingdom

Register to save articles to
your library

Register

Paper statistics

Downloads
327
rank
90,082
Abstract Views
1,228
PlumX Metrics
!

Under construction: SSRN citations while be offline until July when we will launch a brand new and improved citations service, check here for more details.

For more information