Within the EEA, the requirement for deposit insurance is regulated by European Union directive 94/19/EC, which was incorporated into EEA law by decision 18/94 of the EEA Joint Committee. Iceland transposed the directive into national law in 1999, setting up the Depositors' and Investors' Guarantee Fund ("Tryggingarsjóður") funded by 1 per cent of insured deposits. At the time of Landsbanki's collapse, the "Tryggingarsjóður" had equity of only ISK 10.8 billion, about €68 million at the exchange rates of the time and far from sufficient to cover the Dutch and British claims.