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Banking

Supreme Court of Iceland

Granddad Beats Bank, Guarantors Gleeful

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.

Money

Foreign Investors Buy 30 Percent in Arion Bank

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.

Money

Glitnir Directors Receive Major Bonuses

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.

Glitnir

Information Leaked to Influence Courts?

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.

gavel as used in courts

Judge States He Followed Rules

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.

Landsbankinn

Landsbankinn CEO Steps Down

The board of directors of Landsbankinn bank and CEO Steinþór Pálsson have reached an agreement that he leave his post at the bank.

Money - Icelandic Króna

Kaupþing Confirms Controversial Bonuses

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 (...

Money

Kaupþing to Pay Huge Bonuses?

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.

Construction.

Bank Boss Hails Low-Debt Growth

There is high demand for credit in the banking system in Iceland and levels of investment have increased, according to director of Íslandsbanki, Birna Einarsdóttir. She says that society finds itself in a very different place today than in 2007, before the banking crash.

Bjarni Benediktsson

Elections Probably in October

Iceland’s finance minister says it will not be possible to sell the State’s share in financial institutions before elections this autumn, but that he would like to submit 2017’s budget bill to parliament before it adjourns.

Vigdís Hauksdóttir

Controversial Bank Secrecy Rule “Not an Issue”

Following yesterday’s calls from the Progressive Party to withdraw the 110-year period of secrecy on data and documentation about the resolution of the old bankrupt banks, the head of the national archives has said that no documentation currently exists with 110-year secrecy applied.

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