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> and they expected Iceland's citizens to cover for them. because that was actually Iceland's obligation so it wasn't at all unreasonable for the UK and the Ne
by peterfirefly 11y ago
> and they expected Iceland's citizens to cover for them.
because that was actually Iceland's obligation so it wasn't at all unreasonable for the UK and the Netherlands to expect that.
http://ec.europa.eu/finance/bank/index_en.htm http://ec.europa.eu/finance/bank/index_en.htm
(Single Passport and cross-border banking)
- nextw33k 11y agoI don't know the exact details but I didn't think Iceland was in Europe, the UK wanted to rush them in so that those rules could apply: https://en.wikipedia.org/wiki/Accession_of_Iceland_to_the_European_Union https://en.wikipedia.org/wiki/Accession_of_Iceland_to_the_Eu...
- peterfirefly 11y agoIceland is and was in the EFTA and hence in the EEA where the single-passport rules apply -- and applied back then as well, otherwise the Iceland banks operating in the UK and the Netherlands would have been under UK/NL supervision instead of IS supervision. UK/NL were not ALLOWED under those rules to meaningfully supervise IS banks operating in their countries. As long as they operated under IS law and IS supervision, they operated under IS insurance rules with the usual EU (EEA) 100k€ limit. Iceland blatantly broke the rules. Later, after the shit hit the fan, Iceland did apply for EU membership and negotiations begun. Iceland later withdrew their application.