The Icelandic parliament is in turmoil in the third and final debate over Icesave. The parliament’s Budget Committee received last minute communications from British solicitors Mishcon de Reya indicating that they are in possession of important documents that the parliament should familiarise themselves with before making the final decision on the Icesave-bill.
Sigmundur David Gunnlaugsson, Chairman of the Progressive Party, said that the letter from the solicitors office came forward to Ossur Skarphedinsson, the Foreign Minister, in a special presentation of a report that Mishcon de Reya put together last spring. It has, however, been observed that certain information seems to have been removed from the presentation package by Svavar Gestsson, Chairman of the Icelandic negotiating committee, not wanting it to follow in the package to the foreign minister.
The information allegedly suppressed was Mischon de Reya’s evaluation of proceedings against the British Financial Supervisory Authority that may strengthen the position of Iceland in talks about the Icesave-issue.
“I think it is safe to say that any European government, proven guilty of hiding such information, after having been repeatedly asked if all available and relevant information was on the table would not be allowed to remain in control of parliament” said Sigmundur David.
Ossur Skarphedinsson, the Foreign Minister, said it was unfortunate that this information has been presented so late in the review of the case and that it is understandable that the opposition MPs need time to review it.
Ossur said he had not seen this information before, but that he had glanced it over that evening, both the letter from Mishcon de Reya and the additional information that according to Mischon de Reyja should have been presented to Ossur in London on the 31st March but was not.
In one section of the presentation there are speculations of certain possibilities that the Icelandic government might have the use of the Terrorist Act in its defence against Britain. Ossur said that this section dealt primarily with the opportunity of taking the matter to the European Human Rights Court.
For those that are not familiar with this issue raised by the Mischon de Reya report, it concerns a specific quite important legal point sometimes called the “Ragnar Hall” issue, named after the lawyer in Iceland that first pointed it out.
Basically, the issue is whether each individual deposit should be treated as a single claim against Landsbanki or two separate ones (by TIF and FSCS).
If its treated as single claim, TIF will receive the first 20K Euros of each deposit from Landsbanki, which it can then use to pay back towards the IceSave loan. FSCS will then receive any amounts that are left above 20K Euros towards their own claims.
If its treated as two separate equal claims, TIF will only get a percentage of the first 20K Euros, and FSCS will get equal percentage for the amount above 20K Euros it paid out to depositors. The way the IceSave agreement is written, TIF will have to pay additional amounts back to FSCS, even if has priority according to the bankruptcy laws in Iceland.
This is one of the main sticking points many people, here in Iceland, have with the IceSave agreement The amendments to the earlier IceSave agreement were supposed to address this problem, but they were seriously watered down during the second phase negotiations with UK this fall.
The IceSave agreement would have a much better chance of being accepted here, if this issue would be resolved fully.
I have been reading over the 86-page Mishcon de Reya report that was the catalyst for all the craziness on Tuesday, before the Icesave agreement was passed by Althingi.
http://www.althingi.is/pdf/umsogn.php4?lthing=138&malnr=76&dbnr=835&nefnd=fl
Ignoring all the stupid disputes that resulted on what was kept secret by whom and why, there are still lot of interesting things brought up in this report.
For example here is there take on whether each deposit claim should be treated as as one or divided up (page 16):
“The treatment of each deposit as a single undivided claim is such principle in law that we can only assume it would also be applicable under Icelandic insolvency law, as the nature of the claim itself does not change towards Landsbanki, no matter what the contractual position between TIF and FSCS. Under English law, it would not be possible to create, out of one single claim against an insolvent estate, two claims (still less two claims with different levels of priority, although the two parties who thereafter “shared” the claim might agree between themselves to divide recoveries other than equally).”
What must not forget is that like Össur Skarphéðinsson ( and Alistair Darling although for less time ) those that are sitting in the Icelandic government seats come from a long period of being rabid Marxists and simply they view the world in different way from others.
Although he does seem more reasonable now+ you would just not believe some of the Looney Left stuff that people like Össur did used to write about and act.
There was a * reason * Icelanders did elect Davið government in 1991 and keep on electing them until last one this year.
+Frost over the World on Al Jazera – Ossur Skarphedinsson – 6 Feb 09 – Part 4 :
http://www.youtube.com/watch?v=J-vmHdqQJoQ
>It has, however, been observed that certain information seems
“It seems”… “certain information”….Bah…As I said,there is enough evidence for an impeachment.
Details,anyway,since after this “uproar” they promptly approved the bill.
TREAT FOREIGNERS WELL ESPECIALLY PEOPLE FROM OTHER NATIONS FROM ASIAN COUNTRIES THEN CHINA WILL HELP YOU PAY YOUR ICESAVE BILLS DO NOT BULLY FOREIGNERS FRON RECENT NEWS OF NOT RENEW A THAI LADY WORK PERMIT OTHER WISE YOU ARE A NATION OF CROOKS
Wow, someday they will make some thriller out of that story in Holywood.
To all Icelandic politicians:
Please just vote. The question is very simple:
Will Icelanders remain Independent People,
Or will you put them in a yoke?
We have a great Joke that is ready and waiting:
Q. What is the difference between the fishermen of the cod wars and the politicians of today?
A. Courage.
This joke will lose its witty sting if the question has to be, What the fishermen and the politicians have in common. So please, put your tails between your legs and vote for the yoke.
Tien Kou :
>Stay brave, tell the bankers to go to hell.
More accurate to say EU commission.
Svavar Gest as ex-Central Committee member of Icelandic Communist Party ( and part of old People Alliance — Alþýðubandalagið) despite his experience just does show that good old left wing attitude of information supression for ” the common goals “.
This is all about not such incompetence in general of the Social Democrat but about the EU at an cost idea they do have.
Still it amazes me that Steingrímur J. and certain Left-Green MP do go along with it !!
To all Icelanders,
Stay brave, tell the bankers to go to hell.
You will be better off in five years.
Don Franco said:
“There is enough evidence for an impeachment.
For whom are you working, Mr.Skarphedinsson?”
If you read the report
‘It has, however, been observed that certain information seems to have been removed from the presentation package by Svavar Gestsson, Chairman of the Icelandic negotiating committee, not wanting it to follow in the package to the foreign minister.’
There is enough evidence for an impeachment.
For whom are you working, Mr.Skarphedinsson?