This past Saturday, Iceland held its first referendum since the foundation of the Republic of Iceland to determine whether an amendment to the "Icesave Act " should stand or be repealed. The Icelandic government has indicated that "early figures indicate a decisive result and assuming final results in line with these figures," the amendment will be repealed. The amendment would have empowered the Minister of Finance, on behalf of the Icelandic Treasury, to provide for repayment of approximately $5 billion of loans provided by the U.K. and the Netherlands governments to Iceland's Depositors' and Investors' Guarantee Fund, to fund payment of the minimum deposit guarantees to British and Dutch depositors in Icesave, the Internet unit of Landsbanki, which collapsed in late 2008. The referendum resulted from the decision by Iceland´s President, Ólafur Ragnar Grímss this past January to veto legislation that would have provided for the repayment. Over the past several weeks the governments of Iceland, U.K and the Netherlands undertook discussions on developing a solution to the Icesave matter, and there had been "a steady progress" toward a settlement. However those talks "adjourned without a final resolution" a week before the referendum. According to Iceland's Ministry of Finance, Iceland "remains committed to a continued dialogue and is hopeful that discussions will resume as early as next week."