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Politicians 'need to apologise'

Posted 12/03/2009 - 05:34 by sandy

2009-03-11 17

The government and opposition parties should say "sorry" for mistakes made over the economy, Foreign Office minister Lord Malloch Brown has said

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Website Working

Posted 22/12/2008 - 13:35 by vikingvictim

2008-12-22 (All day)

The KSF iom website is back in operation.
Unfortunately, it doesn't seem to allow withdrawals....

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Iceland to sue Brith Gvt re KSF

Posted 16/12/2008 - 09:40 by Sophie

2008-12-16 (All day)

Iceland concidering to sue Britian - a good read

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IMF Message for Icelandic Foreign Depositors "EXR,

Posted 12/12/2008 - 15:38 by Sophie

2008-12-12 (All day)

Dear Depositors,

Thank you for your message about the issue of foreign depositors with Icelandic financial institutions. We can ensure you that your message was read and forwarded to the relevant authorities.

As you may know, the IMF's Executive Board recently approved a two-year Stand-By Arrangement for Iceland on November 19, for US$2.1 billion. These financial resources will back Iceland 's ambitious economic program, which aims to restore confidence to the banking system, stabilize the krona, and strengthen the budget over the medium term. Importantly, Iceland has expressed its commitment to recognize the obligations to insured depositors, and the IMF takes seriously the Iceland authorities’ commitment to a fair process involving equitable treatment of creditors in the bank restructuring.

You can read more about the IMF’s program with Iceland on the IMF’s website.

Best regards,
Public Affairs Division
External Relations Department
International Monetary Fund
http://www.imf.org
E-Mail: publicaffairs(?)imf [dot] org

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EU offers Iceland a loan If they end dispute with UK

Posted 07/11/2008 - 22:01 by steveejeb

2008-11-07 (All day)

(REYKJAVIK) - The European Union is willing to offer crisis-hit Iceland a loan for an unspecified amount, but it will likely take a while for loan to go through, Iceland's prime minister said Friday.
European Commission President Jose "Barroso sent me a letter where a (macro-financial assistance) loan was offered... I replied to his letter stating that on behalf of Iceland I would like to accept the offer," Geir Haarde told reporters in Reykjavik.

He said however that Barroso had made clear that "other matters had to be cleared" before the loan could go through. Haarde interpreted this to mean that a dispute with London over British assets frozen in stricken Icelandic banks would need to be settled first as well as a number of other issues.

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Manx govt to 'run down' Kaupthing IoM to avoid compensation trigger

2008-11-07 (All day)

I believe the below is very positive indeed and I really hope the bank can be ressurected because I am for now holding off opening alternatives.

http://www.citywire.co.uk/personal/-/news/money-property-and-tax/content...

Well done Tony Brown, but as well as our savings we'd very much like our favourite bank fully back in operation soonest please. I have looked at others but there is always something wrong with them whilst S&F fitted my needs perfectly. Great staff too so Alison, Jayne, Emma, Richard Iwish you well but please dont go finding new jobs too quickly

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Nordic nations work on Iceland bail-out

Posted 07/11/2008 - 00:32 by steveejeb

2008-11-06 (All day)

Officials from four Nordic central banks and finance ministries held a private meeting in Stockholm on Wednesday to discuss their contributions to a $6bn rescue package for Iceland.

The gathering at the Ministry of Finance was a strong sign that Denmark, Sweden and Finland are drawing closer to announcing a multibillion euro package of loans after Norway agreed a €500m ($648m, £405m) advance last week. Once official approval of the IMF loan has been secured, the way is clear for the Nordic countries to start considering how much they are prepared to offer, central banking officials said.

Iceland is seeking a total of about $6bn, which it will use to bolster its foreign exchange reserves to try to restore the credibility of its currency after its banking system collapsed last month.

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Iceland's application for a $2 billion loan had been postponed until November 10 from this week.

Posted 06/11/2008 - 22:56 by steveejeb

2008-11-06 (All day)

Prime Minister Geir Haarde told Icelandic radio a meeting of the board of the International Monetary Fund to consider Iceland's application for a $2 billion loan had been postponed until November 10 from this week.
Haarde said in this was to give Iceland more time to finalize other loans which are to be part of the IMF deal.The prime minister also said Britain and the Netherlands wanted to make the IMF loan conditional on a settlement of refunds for depositors of failed Landsbanki's Icesave bank.

"We do not accept that our cooperation with International Monetary Fund and the unfortunate Icesave affair be tied together," Haarde said in the interview.

"The Fund's director has asserted that our application will be treated in a normal fashion and according to the rules. I am confident that will be the case."

Britain's finance ministry and its Dutch counterpart declined to comment.

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The IMF board is expected to consider a proposed $2.1 loan to Iceland on Friday 7th

Posted 06/11/2008 - 22:37 by steveejeb

2008-11-06 (All day)

As it waited for the International Monetary Fund to approve a proposed emergency loan, Iceland began the early stages of figuring out how to restructure its banks' enormous foreign debts as its economy descends into what its central bank warned Thursday would be a "severe recession."

The IMF's $2.1 billion loan is part of the IMF's steps to shore up several countries caught off guard as liquidity froze amid the financial crisis. The IMF board is expected to consider a proposed $15.7 billion loan to Hungary on Thursday and Iceland's loan on Friday. Ukraine received a $16.4 billion emergency loan ...

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"I think the IMF and the Nordic countries will present a joint package by tomorrow night." - Iceland

Posted 06/11/2008 - 16:56 by steveejeb

2008-11-06 (All day)

Key to restoring faith in the krona will be money from the IMF and a further $4 billion Iceland has said it is seeking from other lenders. "We are awaiting the loan deal with the IMF and the Nordic countries," said Carl Hammer, foreign exchange strategist at SEB. "Focus is then on what measures and conditions it will contain. I think the IMF and the Nordic countries will present a joint package by tomorrow night."

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