Banking Collapse

Supreme Court of Iceland

Supreme Court Affirms Kaupþing Convictions

Yesterday afternoon The Supreme Court of Iceland affirmed the guilty verdicts handed down by the Reykjavík District Court in June of last year over seven out of nine former Kaupþing bank directors.

Alþingi parliament

Hotly-Debated Report on Re-Privatization of Banks

Progressive Party MP Vigdís Hauksdóttir, who chairs the Alþingi parliament’s Budget Committee, and Independence Party MP Guðlaugur Þór Þórðarson, the committee’s first deputy chair, presented a report on Monday criticizing the re-privatization of the banks.


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.

Secret Solstice

Who is the Fake Man?

Icelandic media are abuzz today about “the fake foreign man” who was among the biggest debtors of the failed old Icelandic banks before the 2008 crash. The name does not refer to a specific individual; it is actually a collective term for a number of unknown overseas legal entities.


Bank Execs Plead Innocent

Lárus Welding, former director of Glitnir Bank, and four other executives from the failed bank, have this morning pleaded not guilty to all charges as their trial begins.

Alþingi parliament

Bank Crash Secrecy “Should be Lifted”

The parliamentary Progressive Party has voted to remove the 110-year secrecy period currently in place for all documentation regarding the resolution of the estates of the bankrupt Icelandic banks, from the 2008 crash to today. The Progressive Party MPs say they hope for a wider backing from...

Sigmundur Davíð Gunnlaugsson

Silence Over PM’s Business Controversy

Prime Minister of Iceland, Sigmundur Davíð Gunnlaugsson, has been keeping quiet about his wife’s business dealings, amid claims the issue is causing a major rift within the coalition government.

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.