Reykjavík
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ESE

Banking

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.

Landsbankinn

Bank Criticized for Shady Assets Sale

Iceland´s FME financial regulator has released a statement which concludes that Landsbankinn’s conduct in selling its 31.2 percent stake in credit card company Borgun could not be considered in line with normal, healthy trading procedures in the financial market.

Money

Huge Bonus Payments Cause Fury

ALMC, an asset management company, formerly known as Straumur-Burðarás Investment Bank, has paid between 20 and 30 current and former employees bonuses, estimated to amount to ISK 3.3 billion (USD 25.5 million, EUR 23 million).

Landsbankinn

Borgun Sale ‘a Blunder’?

An “obvious blunder” is what Prime Minister Sigmundur Davíð Gunnlaugsson last night called Landsbanki bank’s sale of its shares in the electronic payment service company Borgun in 2014.

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.

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.

Water.

Leak at Central Bank of Iceland

The Reykjavík Fire Department was called out to the Central Bank of Iceland shortly before midnight after water had begun leaking into the building’s hallways.

Glitnir

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.

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.

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