UK likely continue the Iceland in the billions

Icesave collapsed was the arm in Landsbanki line - the British Government said it has "the obligation to recover the money."New: In the Netherlands, said he consults with the United Kingdom on the repeal of the stepsIceland voters over a deal to repay depositors who lost money when savers in their country a collapsedBritain of the Bank and the Netherlands to the rescue that moneyThey lost now want their refund Iceland

London (CNN) - an increasingly bitter conflict between the United Kingdom and the Iceland more billions of dollars lost when banks collapsed is likely to find themselves in court, a Minister of the high British Government said Sunday.

The British Government has "the obligation to obtain money and we will continue to pursue what until we do," said Danny Alexander, Chief Secretary to the Treasury.

He was speaking Sunday after the Iceland voted to repeal a law aimed at resolving the dispute.

Six of 10 voters in the referendum on Saturday opposed the Act, the Government said in a statement Sunday, saying participation was high.

Alexander called Icelandic vote on Saturday "disappointing", adding, "we have a very difficult financial situation as a country...". This money would help. ?

"There is an ongoing legal process and we will continue thanks to these processes," he said on the BBC show "Andrew marr.

The results of the battle of the Icelandic of an internet bank collapse in October 2008.

Britain and the Netherlands come with more than 5 billion to bail out of savers in their own country, which has lost money in Icesave failure - a branch of Landsbanki online retail bank.

They are now trying to claim money from the Iceland.

Certain payments will go ahead later this year, Iceland of the Government said Sunday, explaining that they were not affected by the vote.

"These payments are expected to cover about a third of priority claims (applicant). In addition, the latest figures on its assets indicate that the succession (Landsbanki) will be able to pay more than 90% of applications for deposits, "the Government said in a news release.

Under a directive of the European Union, the Iceland must compensation to the United Kingdom and the Netherlands. The Icelandic Government said that it will honor its international obligations.

Netherlands Finance Minister Jan Kees de Jager is "very disappointed with the decision of the Icelandic electorate does not agree with the agreement concluded between the Iceland, the United Kingdom and the Netherlands,"the Ministry of finance Netherlands said Sunday."

"The time of the negotiations's over", de Jager said in the statement. "The Iceland remains obliged to repay." The question now is for the courts to decide. ?

The Ministry of finance Netherlands said that he consults on new steps United Kingdom.

The Iceland International Monetary Fund has lent 2.1 billion in November 2009 and said pay back the money for the British Governments and Dutch was a requirement of the loan.

The Iceland began to move to the application for accession to the European Union, which could block the Britain and the Netherlands.Bharati Naik of CNN have contributed to this report.

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