Update: Britain in Iceland urgent talks on 100 Mortgages

The UK government has been using anti-terror laws to seize Icelandic assets to pay back British savers, after the near collapse of Iceland and the crash of its banking system caused concern that Iceland will become bankrupt. It was revealed that the British government has seized £4 billion in Icelandic assets which is £1 billion over what they needed.

The estimated loss to UK charities, UK Councils and individuals stood at £3 billon. Yvette Cooper the Treasury Chief Secretary insisted that until a deal has been signed with Iceland’s authorities to give the money back to the British savers then the government will not release the frozen Icelandic assets.
Ms Cooper told the press that the government has sent a team over to Iceland to hold meetings with the Icelandic authorities to devise a plan for them to return the money back to the British savers.

A statement announced by the Treasury delegation conducting talks in Iceland said: “significant progress” had been made. It’s been hinted that no resolution has been made of yet for the larger investors although there is a plan being put in place to accelerate small payments to UK depositors.

Source: ukpressgoogle

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