All Dutch Icesave customers to get money back
All Dutch customers who invested in Icesave are to be refunded in full, the bank said last week. The online subsidiary of failed national Icelandic bank Landsbanki had offered Dutch customers five percent interest rates on savings, much higher than what was available in the Netherlands at that time, before going belly-up in 2008. Landsbanki was one of three major financial institutions in Iceland to go bankrupt within a few days, rapidly depleting Iceland's Depositors' and Investors' Guarantee Fund. The fund was first used to refund depositors based in Iceland, resulting in foreign customers losing their savings. The Dutch government helped in Iceland's bank rescue, loaning €1.3 billion to pay back as many Dutch customers as possible.. Repayment of the loan was completed in August. Paying back the Dutch loan and repaying the remaining Dutch savers had been thorny points of negotiation between the Dutch and Icelandic governments for several years. Repayment of the guaranteed amounts per account is expected to be completed within a year.