Monckton Chambers’ Tim Ward QC is to represent Iceland in its dispute with the European Free Trade Association (EFTA) Surveillance Authority (ESA) over failed Icesave deposit schemes.
The ESA announced in December its decision to take Iceland to the EFTA Court over its breach of the Deposit Guarantee Directive. The directive aims to enhance consumer confidence in the banking system in the event of banks going bankrupt.
The claim was brought after the Icelandic government refused to pay minimum compensation to UK and Netherlands-based depositors in Landsbanki’s Icesave branches following the bank’s collapse in October 2008.
Ward, who took silk in 2011 (1 March 2011) after being called to the bar in 1994, was instructed directly by the Icelandic Foreign Minister Össur Skarphéðinsson. He has been involved in some high profile cases advising on public law issues.
Last year he advised Ofsted in the Sharon Shoesmith employment case against the former Secretary of State for Schools Ed Balls (27 May 2011). Later this year he will appear for the Office of Fair Trading [OFT] alongside 20 Essex Street’s Stephen Morris QC in Tesco’s appeal against a £10.4m fine against it for competition infringements (2 January 2012).
The Iceland case is yet to be scheduled.