Iceland

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Iceland Considering Unfreezing Assets of Three Failed Banks

Iceland’s government signaled this week that it is closing in on a plan that would unfreeze the assets of three failed banks for creditors owed tens of billions of dollars, The Wall Street Journal reported. At a meeting Tuesday, a government lawyer t ...

Daily Headline - global.abi.org - 12/10/2014 - 22:34 - 0 comments

Iceland Says Proposals for Exiting Capital Controls Now Complete

Iceland is set to unveil plans for exiting its six-year capital control regime at the start of next week after granting an exemption to LBI hf to repay 400 billion kronur ($3.2 billion) to priority creditors, according to people familiar with government’ ...

Daily Headline - global.abi.org - 12/04/2014 - 20:56 - 0 comments

British Developer Vincent Tchenguiz Files $3.5 Billion Claim Over Iceland Bank Inquiry

The property developer Vincent Tchenguiz has filed a $3.5 billion claim in London against the accounting firm Grant Thornton, the Icelandic bank Kaupthing and three individuals, claiming they were behind a flawed criminal inquiry into the bank’s collapse ...

Daily Headline - global.abi.org - 11/27/2014 - 19:33 - 0 comments

Icelandic Bank Targets First IPO Since $85 Billion Default

Six years after Iceland’s banks defaulted on $85 billion in debt and brought the Atlantic island’s economy to its knees, Islandsbanki hf is seeking to sell shares to international investors, Bloomberg News reported. The island’s second-largest bank, form ...

Daily Headline - global.abi.org - 10/19/2014 - 21:30 - 0 comments

Iceland Reappoints Central Bank Governor

Iceland's government Friday reappointed its central bank governor, Mar Gudmundsson, for a second five-year term, backing him to continue steering the tiny island nation's recovery from a devastating financial crisis six years ago, The Wall St ...

Daily Headline - global.abi.org - 08/17/2014 - 19:14 - 0 comments

British Fraud Office Reaches Second Settlement in Inquiry Over Icelandic Bank

Britain’s Serious Fraud Office said on Thursday that it had reached a second settlement in a series of civil claims brought by two brothers after a flawed investigation into the collapse of the Icelandic bank Kaupthing during the financial crisis, the ...

Daily Headline - global.abi.org - 07/31/2014 - 17:56 - 0 comments

British Prosecutor to Pay $5.1 Million in Case Related to Kaupthing Inquiry

Britain’s Serious Fraud Office said on Friday that it would pay 3 million pounds, or about $5.1 million, to settle civil claims brought by a property developer following a flawed investigation into the collapse of the Icelandic bank Kaupthing during the ...

Daily Headline - global.abi.org - 07/27/2014 - 20:15 - 0 comments

Iceland Aims To Sell Down Stake In New Landsbanki

Iceland aims to sell as much as 30 percent of New Landsbanki, one of the banks to emerge from the 2008 financial crisis, to help reduce government debt, Reuters reported. Iceland's three main banks had assets worth around 10 times the value of the e ...

Daily Headline - global.abi.org - 07/07/2014 - 22:08 - 0 comments

Iceland Says Defunct Banks Could Be Made Bankrupt Unless Creditors Take Haircut

Iceland's defunct banks could be put into bankruptcy if creditors do not agree to a haircut on debts owed by Kaupthing, Glitnir and Landsbanki, which collapsed in 2008 owing more than $75 billion, the finance minister warned on Tuesday, Reuters repo ...

Daily Headline - global.abi.org - 05/27/2014 - 20:49 - 0 comments

Biggest Icelandic Mortgage Bank to Be Wound Down Amid Insolvency

Iceland’s government proposed disbanding the Housing Financing Fund, the nation’s largest mortgage provider, as the lender struggles to make a profit amid loan losses and competition from commercial banks, Bloomberg News reported. The island nation will ...

Daily Headline - global.abi.org - 05/06/2014 - 20:46 - 0 comments

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