This is now Hreiðar Már’s third conviction related to financial crimes during his tenure at Kaupþing, for which he has, thus far, earned a cumulative sentence of seven years in prison.
Icelandic banks have reduced staff by nearly 1,500 and closed more than 60 branches over the last ten years.
The Icelandic banking system is much better prepared for a potential collapse than it was prior to the 2008 crash.
Current Prime Minister of Iceland Bjarni Benediktsson sold millions of ISK in assets at Glitnir bank before the 2008 banking collapse.
The Monetary Policy Committee (MPC) of the Central Bank of Iceland announced its decision today to lower the bank’s interest rates by 0.25 percentage points.
People who have registered as guarantor on loans to people or businesses that later go bankrupt, can only be chased for the debt within two years, thanks to a Supreme Court judgement last week.
The German bank Hauck & Aufhäuser was never an actual investor in Búnaðarbankinn bank when the Icelandic State’s 45.8 percent stake in the latter was sold in January of 2003.
The participation of the German bank Hauck & Aufhäuser in the purchase of a 45.8 percent stake in the Icelandic state’s share of Búnaðarbanki bank in 2003 was only for the sake of appearances.
Foreign funds and investment bank Goldman Sachs have acquired almost 30 percent of shares in Icelandic bank Arion Bank for ISK 48.8 billion (USD 452 million, EUR 420 million), as announced by Arion Bank and Kaupþing ehf. (the administrator of the defunct Kaupþing’s assets) yesterday evening.
Selling half of the Icelandic state’s share in the country’s banks in coming years could reduce the state’s debt to 10-15 percent of GDP by 2022.
Three board members of Glitnir Holdco ehf., along with a few Icelandic key employees of the company in Iceland, have already secured a total of ISK 875-1,525 million (USD 7.6 million, EUR 7 million) in bonuses.
An Icelandic Supreme Court judge did indeed notify the Committee on Judicial Work of his trading of shares in Glitnir bank, as the rules required.
The head of the Association of Icelandic Judges believes information regarding the stock ownership of Supreme Court judges must have been leaked to the media in order to influence the operation of the courts.
Last night, the TV news analysis program Kastljós suggested that an Icelandic supreme court lawyer might have failed to report his purchase and sale of shares in Glitnir Bank prior to the 2008 banking collapse.
RÚV reports that an Icelandic supreme court judge owned shares worth tens of millions of ISK in Glitnir Bank during the years leading up to the banking collapse in 2008.
Two men were arrested in Siglufjörður, North Iceland, yesterday, suspected of embezzlement at AFL savings bank.
The board of directors of Landsbankinn bank and CEO Steinþór Pálsson have reached an agreement that he leave his post at the bank.
Prime Minister of Iceland Sigurður Ingi Jóhannsson stated that it’s important for the government to send a clear message that the inequality which comes with sky-high bonus payments will not be tolerated. He calls the Kaupþing bonuses “tactless and even immoral.”
The general assembly of holding company Kaupþing, previously the defunct Icelandic bank, approved a proposal last night on paying bonuses of up to ISK 1.5 billion (USD 13 million, EUR 12 million) combined to key employees. Some of these employees will receive bonuses of around ISK 100 million (...
A group of about 20 employees of the holding company Kaupþing could be receiving bonuses totaling almost ISK 1.5 billion (USD 12.82 million, EUR 11.35 million) to be paid out at the end of April next year.
Finance Minister Bjarni Benediktsson wants an investigation of the role of the German bank Hauck & Aufhäuser in the purchase of the government’s stake in Búnaðarbanki bank in 2003.