The UK and the Netherlands will get back the money they paid in 2008, when Iceland’s three main banks collapsed, said the country’s president Olafur Ragnar Grimsson.
The latest repayment plan has been rejected in a referendum this weekend.
According to what Mr Grimsson told the BBC, assets from the collapsed bank Landsbanki, which ran savings in the UK and the Netherlands under the name Icesave, would cover what the country owes “in all likelihood”.
When the banks collapsed, the two countries’ governments had to reimburse 400,000 citizens, a total of 4bn euros.
While the UK has said the matter would go to an international court, the Netherlands said it will lobby the International Monetary Fund (IMF).
In his country’s parliament, Dutch finance minister Jan Kees de Jager said : “We want to get the IMF aligned as much as possible to make sure there is an irreversible obligation for Iceland to meet its agreements.”
Sunday’s referendum was the second repayment deal that was rejected by Icelanders.
Iceland’s president Grimsson said the issue is not about paying or not, but about whether there is a state guarantee, and the way it would be interpreted under the European regulatory framework.
“I think the primary message [from the referendum] is that before ordinary people are asked to pay for failed banks, the assets inside the estate of these banks should be used to pay the subs,” Mr Grimsson told Radio 4.
“That is why the people of Iceland emphasised that Britain and the Netherlands are going to get certainly up to $9bn out of the estate of Landsbanki.
“The first payment will be this December, and in all likelihood this will cover what was paid by Britain and the Netherlands two years ago.
“But to ask for a state guarantee and that ordinary people should shoulder the responsibility is highly doubtful and definitely can be disputed within the European legislative framework.”
He also said that Iceland would abide by the court’s ruling, should the matter end up in an international court.