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Iceland 'to repay Icesave funds to UK and Netherlands' Iceland 'to repay Icesave funds to UK and Netherlands'
(40 minutes later)
Iceland has reached a deal to settle the Icesave banking dispute with the UK and Netherlands, the Dutch government has said. Iceland has reached a deal aimed at settling the Icesave banking dispute with the UK and Netherlands, the Dutch government has said.
Iceland will pay back the money the UK and Dutch governments spent reimbursing its citizens who lost money in the collapse of Icesave in 2008. Iceland has agreed to pay back the money the UK and Dutch governments spent reimbursing their citizens who lost money in the collapse of Icesave.
Repayments will begin in 2016 and will be completed by 2046, according to the Dutch finance ministry.Repayments will begin in 2016 and will be completed by 2046, according to the Dutch finance ministry.
Iceland will pay a fixed interest rate of 3% to the Dutch and 3.3% to the UK. The agreement must now be approved by Iceland's parliament.
The Dutch statement said it would receive 1.3bn euros (£1.1bn; $1.7bn), but it did not specify the amount the UK would receive.
Representatives of the three countries met in London earlier to agree the final terms of a deal.Representatives of the three countries met in London earlier to agree the final terms of a deal.
According to the Dutch statement, Iceland will pay a fixed interest rate of 3% to the Dutch and 3.3% to the UK.
The Netherlands will receive 1.3bn euros (£1.1bn; $1.7bn), but the statment did not specify the amount the UK would receive.
A spokesperson for the Icelandic finance ministry told the BBC that it would make a formal statement after Iceland's political representatives had been briefed on the agreement.A spokesperson for the Icelandic finance ministry told the BBC that it would make a formal statement after Iceland's political representatives had been briefed on the agreement.
'New chapter''New chapter'
The agreement also stated that repayments could not be more than 1.3% of the value of Iceland's annual economic output (GDP).The agreement also stated that repayments could not be more than 1.3% of the value of Iceland's annual economic output (GDP).
The repayments created a diplomatic row between Iceland and the UK, as well as political controversy in Icesave's home country.The repayments created a diplomatic row between Iceland and the UK, as well as political controversy in Icesave's home country.
The UK Treasury said it looked forward to finally resolving the issue.The UK Treasury said it looked forward to finally resolving the issue.
"Mutually satisfactory closure of this issue will mark a new chapter in UK-Iceland relations," it said."Mutually satisfactory closure of this issue will mark a new chapter in UK-Iceland relations," it said.
Iceland was plunged into a deep recession following the collapse of its leading banks. Iceland was plunged into a deep recession following the collapse of its leading banks, including Icesave's parent company Landsbanki, in 2008.
Voters angry at having to pay for the failures of the country's financiers and politicians rejected the terms of an earlier Icesave repayment deal in a referendum in March this year.Voters angry at having to pay for the failures of the country's financiers and politicians rejected the terms of an earlier Icesave repayment deal in a referendum in March this year.
The latest talks in London included representatives of Iceland's opposition, the Dutch pointed out.