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Financial crisis: Guernsey and the Isle of Man not within the EEA Agreement



The EFTA Surveillance Authority has decided to close two complaint cases concerning depositors at Icelandic banks on Guernsey and the Isle of Man as it considers that the EEA Agreement does not apply to those territories.

The Icelandic bank Landsbanki had a subsidiary on Guernsey. Another Icelandic bank, Kaupthing had a subsidiary on the Isle of Man. Both these subsidiaries took deposits. Following the collapse of the parent banks in Iceland in October 2008, the subsidiaries went into liquidation.

Two groups of depositors at the subsidiaries in Guernsey and the Isle of Man launched complaints to the Authority claiming that the Icelandic authorities had discriminated against them compared to domestic depositors as they had not protected their deposits in the same manner.

These territories are not part of the EEA and consequently the Authority concluded that the complainants were not protected by the EEA Agreement.

The decision to close these complaint cases does not resolve issues concerning the Deposit Guarantee Directive and discrimination between depositors in Icelandic branches compared to depositors with accounts in branches of the Icelandic banks in other EEA States.


For further information, please contact:


Mr Ólafur Jóhannes Einarsson
Senior Officer
Legal & Executive Affairs
tel. (+32)(0)2 286 18 73


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