The UK and the Netherlands, however, did not accept this new Icelandic proposal. After rejecting the Icelandic proposal, UK and the Netherlands, instead presented a counter proposal in which they offered variable interest rates, which were significantly lower than the previously agreed upon 5.5%, and moreover accepted to waive the accrued interests for 2009–10. This offer was estimated to save the Icelandic government €450 million compared to the previous agreements, an offer which according to the Dutch Minister of finance Wouter Bos would be the Dutch final offer. Public statements were not available to reveal whether or not the counter proposal from UK and Netherlands, had managed to remove the unwanted effect of having side-ordered all the creditor claims towards the "Landsbanki receivership".