On January 28th, the European Free Trade Association ("EFTA") Court addressed the collapse of the Icelandic bank Landsbanki and the Icelandic government's decision to guarantee the deposits of Icelandic depositors, but not those in the U.K. and the Netherlands who had opened on-line savings accounts with Landsbanki. The Court held that Iceland did not violate the then-current EFTA directive by transferring Icelandic depositors' assets to a "new" Landsbanki, effectively guaranteeing their deposits, without similarly providing protections to U.K. and Dutch depositors. The directive does not envision a depositor action against a country, only against the bank. And although the directive prohibits cross-border discrimination, the transfer of Icelandic depositor assets occurred before Iceland issued a declaration triggering the application of the EFTA directive. EFTA Surveillance Authority v. Iceland.