Banking Collapse

Bjarni Benediktsson and Sigmundur Davíð Gunnlaugsson

Will Capital Controls be Lifted?

The economic measures introduced by the government Wednesday are the largest ever in Icelandic history, according to Finance Minister Bjarni Benediktsson.

David Cameron and Sigmundur Davíð Gunnlaugsson, Northern Future Forum 2015

Cameron: ‘Icesave is in the Past’

British prime minister David Cameron, who was in Iceland yesterday for the Northern Future Forum, said he believed that both countries had now put Icesave behind them and were focusing on other issues.

Minister of Finance Bjarni Benediktsson speaking at the Independence Party general meeting in 2013.

Central Bank Recommends Exemption

The Central Bank of Iceland has recommended an exemption from the Foreign Exchange Act be given to the failed banks, Kaupthing hf., Glitnir hf., and LBI hf.


Íslandsbanki to be State-Owned

The creditors of Glitnir Bank have proposed to relinquish all of Glitnir’s holdings in Íslandsbanki LTD to the State as part of their stability contribution.

gavel as used in courts

Kaupþing CEOs Sentenced

The Reykjavík District Court today sentenced three defendants in the Marple Case, but found one of them not guilty.

Money - Icelandic Króna

Creditors Will Pay ISK 120 Billion

At a meeting in Harpa concert hall today, the creditors of Kaupþing Bank agreed to pay ISK 120 billion (USD 937 million, EUR 839 million) in stability contribution in order to be exempt from capital controls.

Former chair of Kaupþing Sigurður Einarsson.

More Kaupþing Execs Jailed

Sigurður Einarsson, former chairman of Kaupþing Bank, has today been sentenced to one year in prison in the so-called 'big market manipulation case' at the Reykjavík district Court. Hreiðar Már Sigurðsson was also found guilty, but was not sentenced on top of the existing prison term he is...

gavel as used in courts

Defendants in SPRON Case Acquitted

The former CEO of the savings bank SPRON Guðmundur Örn Hauksson and former board members Ari Bergmann Einarsson, Margrét Guðmundsdóttir, Ásgeir Baldursson and Rannveig Rist were acquitted of charges of breach of trust in Reykjavík District Court this morning.

Björgólfur Thor Björgólfsson.

Landsbanki Shareholders to Sue Björgólfur Thor

A group of shareholders in the collapsed bank Landsbanki believe that they can prove how the bank’s former owner Björgólfur Thor Björgólfsson deceived them, causing financial damage to 25,000 shareholders. They have established an interest group to take Björgólfur to court.


Claimants of Collapsed Banks Accept Terms

The claimants of the collapsed Icelandic banks have agreed to the conditions introduced by the government of Iceland in order to guarantee economic stability when the capital controls—which have been in place since the banking collapse in 2008—will be lifted.

Sigmundur Davíð Gunnlaugsson

MP Asks PM for ‘Secret’ Spying Reports

Pirate Party leader, MP Birgitta Jónsdóttir, requested at parliament yesterday that Prime Minister of Iceland Sigmundur Davíð Gunnlaugsson submit the reports he discussed in his keynote speech at the Progressive Party convention last weekend.

Supreme Court of Iceland

Banker’s Wife Accuses Supreme Court of Mix-up

Ingibjörg Kristjánsdóttir, the wife of former majority owner of Kaupþing Bank Ólafur Ólafsson, who in February was handed a four-and-a-half year sentence for being party to the Al-Thani scam, maintains in an article she wrote in Fréttablaðið today that the Supreme Court of Iceland had confused...

Money - Icelandic Króna

PM Calls for Reform of Iceland’s Monetary System

A report, commissioned by Prime Minister Sigmundur Davíð Gunnlaugsson, outlining the need for a fundamental reform of Iceland’s monetary system, was published today by Progressive Party MP and chair of the Alþingi parliament’s Committee for Economic Affairs and Trade Frosti Sigurjónsson.

Money - Icelandic Króna

Icelandic Króna Featured in New Documentary

A new Icelandic documentary Íslenska krónan, features the Icelandic currency, its history current position and future prospects. Directed by Garðar Stefánsson and produced by Atli Bollason, it will be screened at Bíó Paradís cinema in Reykjavík starting this Sunday.


Icelandic Banks Profit ISK 370 Billion since Collapse

The combined profits of the three large commercial banks in Iceland, Landsbanki, Arion Banki (earlier Kaupþing) and Íslandsbanki (earlier Glitnir), was ISK 80 billion (USD 600 million, EUR 530 million) last year. Since the banking collapse in 2008, they’ve earned ISK 370 billion (USD 2.8 billion...

Money - Icelandic Króna

Former FL Group CEO Acquitted in District Court

Former CEO and of investment company FL Group Hannes Smárason was this morning acquitted of charges of embezzlement from the company’s funds in Reykjavík District Court. The prosecution is to cover all costs, including ISK 10 million (USD 76,000, EUR 66,000) in defensive fees.

Minister of Finance Bjarni Benediktsson speaking at the Independence Party general meeting in 2013.

Icelandic State to Seek Compensation for Al-Thani Scam

Icelandic Minister of Finance Bjarni Benediktsson stated in parliament yesterday that there is reason to look into whether an EUR 500 million emergency loan the Central Bank of Iceland granted to Kaupþing Bank following the Al-Thani scam is reason for the Icelandic state to file a damages case...

gavel as used in courts

Prosecutor on Al-Thani Case: Clear Message to Bankers

Special Prosecutor Ólafur Þór Hauksson, who filed the charge against the Kaupþing four, who were convicted in the Al-Thani case on Thursday, believes that the verdict along with other recent convictions in economic violations reduce the likelihood of similar violations being committed in the...

Supreme Court of Iceland

Iceland Supreme Court: Al-Thani Deal ‘Deception’

The Supreme Court of Iceland concluded in its verdict yesterday when sentencing four former key executives of Kaupþing Bank to prison that Sheik Mohammed Bin Khalifa Al-Thani of Qatar’s acquisition of a five percent share in the bank two weeks before the banking collapse in 2008 was a deception...