Iceland looks to serve the world

Posted 11/10/2009 - 19:10 by Yorkie

2009-10-10 21
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Bell admits no bank in the IoM has signed up to fund the SoA

Posted 24/02/2009 - 17:38 by IceCrusher

2009-02-24 (All day)

Treasury Minister Allan Bell says no banks in the Island have yet signed up to the government’s plans to compensate Kaupthing Singer and Friedlander depositors.

This morning (Tuesday), Mr Bell faced questions in the House of Keys on the proposed Scheme of Arrangement from Michael MHK David Cannan.

Mr Bell said negotiations are still ongoing to finalise the plan, which will be considered by a court hearing in April.

He told MHKs the scheme would need the approval of all Manx-licensed banks.

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Brown is trying to deflect blame onto the bankers

Posted 06/12/2008 - 11:36 by steveejeb

2008-12-06 (All day)

...More dangerously for the Prime Minister, his claim to have saved the banks is falling apart. The system is bust despite the laps of honour he has been performing all over the world. Aside from Iceland, no other developed country is having such problems with banks right now. That’s because, aside from Iceland, no other country allowed its banks to slip into such dangerously high leverage ratios. And remind me, who personally designed the UK banking regulation system?

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Darling accused of Not Warning UK Institutions Of Icelandic Melt Down

Posted 30/11/2008 - 01:46 by steveejeb

2008-11-30 (All day)

.............The news comes as Chancellor Alistair Darling is under fire from the Liberal Democrats as to how much the government knew about the parlous state of Iceland's finances in the run-up to the financial crisis.

Lib Dem Treasury spokesman Vince Cable wrote to Darling after it emerged he held talks with the Icelandic finance minister over the crisis in the summer. Cable asked him to explain why he didn't warn UK institutions their investments could be under threat, and still hasn't received a reply. Lord Oakeshott, the Lib Dem's Treasury spokesman in the Lords, said: 'Mr Darling can't be bothered to reply to questions about hundreds of millions of British cash trapped in bust Icelandic banks.'

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Luxembourg and Belgium Kaupthing Banks find Buyers?

2008-11-30 (All day)

Nov 28 (Reuters) - Belgian Prime Minister Yves Leterme said on Friday that a serious candidate had emerged to buy the Luxembourg arm of troubled Icelandic bank Kaupthing , with a decision due in a week.

'Next Friday a final decision would be taken as to whether or not the group will take up the offer. Serious negotiations on one offer are underway,' Leterme told a news conference.

He added that three or four other parties were also interested in taking over just Kaupthing's Belgian customers.

According to a Belgian business daily, online bank Keytrade Bank, a subsidiary of France's Credit Agricole, is among the potential suitors for the Belgian customers.

Belgian accounts are held by the Luxembourg arm of Kaupthing and their money was frozen last month by Luxembourg's financial regulator after the Icelandic parent company was taken over by the Icelandic state.

Leterme, whose government has bailed out two of the country's biggest banks and provided money for the third, said 5,000 Belgian Kaupthing customers would receive an initial maximum of 20,000 euros ($25,880) from their accounts from Monday.

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New Banks, Old Faces (Still same Directors)

2008-11-20 (All day)

According to the organization charts of the new state-run Icelandic banks, the nationalized Glitnir, Landsbanki and Kaupthing bank, 21 out of 31 managing directors were managing directors in the banks before they went bankrupt...

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British Banks May Face New Deposit Insurance Funding Requirements to Replace Enfeebled Levy System

Posted 06/11/2008 - 03:22 by VikingRaider

2008-11-06 08

Economics and business minister Ian Pearson told MPs yesterday: "At a different time we would believe in pre-funding, but it's not the case at the moment that it's right to go down this route."

Given the current difficulties facing the banks, the Government has chosen to continue with the scheme in its current form – a pay-as-you-go annual levy on the industry of no more than £4bn.

However, Mr Pearson added: "The Government will want to make a decision in conjunction with the Financial Services Authority and the Bank of England about when the circumstances are appropriate to pre-fund."

Until now, the Government has backed away from endorsing pre-funding. Draft legislation on banking reform will include powers to introduce it only "if considered appropriate in the future". A provisional code of practice is due to be published next Thursday.

Bank of England Governor Mervyn King has accused the Treasury of being "rather short-sighted" by sparing Britain's lenders the cost of pre-funding. He believes a cash pot is necessary, with lenders making "non-negligble contributions so that over 10 years [the scheme] would build up a fund of several billions [of pounds]".

In the case of Bradford & Bingley, the Government provided the Financial Services Compensation Scheme – which operates the savings scheme – an £18bn loan to take responsibility for the bank's savings. The guarantee was recently increased from £35,00 to £50,000 and the Government will consult on raising it again to £100,000 next year.

Separately, FSA chief executive Hector Sants said that bonuses, like liquidity and capital requirements, will need to be re-examined on an international basis following the financial crisis. "It's surprising how many banks have a relatively risky structure in terms of incentivising individuals," he said at a conference in London.

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Gordon Brown Killed Iceland

Posted 21/10/2008 - 05:29 by Anonymous

2008-10-16 (All day)
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