Brussels, 30/01/2013 (Agence Europe) - The European Commission's view is that the European Court of Justice is “not under any obligation to follow the reasoning and conclusions of the EFTA court in its recent Icesave ruling” (see EUROPE 10773). The Commission adds that “if a case were to emerge where an EU member state contested the Commission's interpretation of the Deposit Guarantee Scheme under EU law, the Commission would defend this position”. It says that member states “have a legal obligation to guarantee depositors up to €100,000”.
In the Icesave ruling, the EFTA court agreed with Iceland against the European Commission that Iceland did not have to ensure during the financial crisis that its savings guarantee fund was capable of refunding the savings of British and Dutch customers of Icesave, an online banking subsidiary of the Landsbanki bank that was nationalised by Iceland. (MB/transl.fl)