Customers receive interest refund from Islandsbanki

Approximately 20,000 of Íslandsbanki's customers will see a refund of 30% of the interest payments made on mortgages and general debt over the course of 2012. The refund will amount to ISK 2.5 billion and on average each customer will receive ISK 120,000, subject to a maximum repayment of ISK 500,000. This does not include those mortgages that are to be recalculated in accordance with the Supreme Court rulings on those loans which were illegally indexed to foreign currencies.

The refunds will be deposited into 30-day notice savings accounts. Customers are free to withdraw their refund from the account with a 30 day notice. Íslandsbanki wants to encourage its customers to establish savings for the future, although the best savings sometimes include paying down debt that carries higher interest rates. Customers are encouraged to make an appointment with a financial advisor in their Islandsbanki branch to discuss the best savings plans available.

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