The European Free Trade Association (EFTA) court on Monday ruled that Iceland did not break European free trade laws on deposit guarantee schemes by refusing to compensate foreign depositors after Icesave’s owner, Lansbanki, collapsed in 2008.
The judgment obliterates any hopes the UK government had of pursuing Reykjavik for interest on the £2.35bn bail-out. It also raises grave questions about Europe’s cross-border banking arrangements, which allow overseas lenders to “passport” into a country without being subjected to local financial regulation.
In a key ruling that will set a precedent for future cross-border depositor guarantees, the EFTA court dismissed all three claims brought against Iceland and said the compensation rules did not mean the government had to fund the scheme.
Read the full article by Philip Aldrick of the Telegraph:
On 23 January 2013, David Cameron - the British Prime Minister (PM) in his speech regarding the future position of Britain in Europe concurred with the stated position of the SDA. To hold a referendum to obtain the views of the people.
The British PM proposes a referendum with a simple In or Out of the European Union (EU).
The PM also proposes that Britain renegotiate to remain within the European Union (EU) as a trading partner in Europe.
But it is not quite that simple. At present, there is no mechanism within the EU for the renegotiation that the PM is talking about. Any significant changes would require the full support of the other 26 nations.
At present Britain is in the EU side of the European Economic Area, the EU-EEA (with 27 members). One alternative is to come out of the EU and join the European Free Trade Association (EFTA) side of the EEA, the EFTA-EEA (with 3 members, Norway, Iceland and Lichtenstein, who also trade with the EU members). The other alternative is to set up bi-lateral treaties with the EU-EEA countries.
It is highly unlikely that the three relatively small countries in EFTA would be keen to have a large domineering member like the rump UK (r-UK) in their organisation.
Sovereign Scotland should become a member of the European Economic Area (EEA) and the European Free Trade Association (EFTA). The EEA provides open access to the Single European Market as well as the European research and development facilities, allows participation in drafting EU legislation, leaves Scotland to manage its own fishing and agriculture policies and more, and provides all the economic benefits that Scotland needs.
The SDA has already established contact with EFTA countries.
SDA policy is that in sovereign Scotland, Referendums should be used to obtain the views of the people on all key issues., such as EFTA/EU, In/Out NATO, Trident Stay/Out, etc.
On Saturday 2nd February, between 2pm and 4pm the SDA will be holding a Blether in Edinburgh for members and interested persons. Join us and have your say on issues along the path to Independence. Location is Cafe Flip, 54 Clerk Street, Newington, Edinburgh - good coffee and chat.