Creditors

Iceland Targets Creditor Writedowns as Accord Sought This Year

Posted 10/07/2014 - 08:11 by anrigaut

2014-07-09 23

The creditors in Iceland’s failed banks will need to accept writedowns of their assets as the government will push for an accord this year to ensure economic stability, Finance Minister Bjarni Benediktsson said.

“We’re trying to maintain stability in Iceland,” he said today in an interview with Bloomberg Television. “Write-offs will need to take place and the market is also showing that this will need to happen if you just look at what’s available in terms of pricing of claims against the estates.”

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“We are concerned about the balance of payment going forward,” Benediktsson said. “A solution can be created, the incentives are all here, some people are waiting to gain access to their assets and we are concerned about having the controls for too long.”

Bonds issued by Glitnir last traded at about 29 cents on the dollar, while Kaupthing debt traded at 24 cents, according to website Keldan. Landsbanki bonds traded at just over 5 cents.

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Capital controls and the on-going blame game on who is blocking their abolition

2014-01-30 (All day)

So far, there is no solution in sight in matters that need to be solved in order to abolish capital controls in Iceland. The government blames creditor of the estates of Glitnir and Kaupthing but unresolved dispute in Landsbanki matters as well though hardly ever mentioned. The government seems to play a waiting game, perhaps to make creditors more forthcoming. Ministers maintain the government cannot interfere in a process of private companies and yet they seem to be contemplating interfering via laws, which would directly expose the government to being sued by creditors. The creditors mostly remain silent but might have more cards up their sleeves than the government seems to believe.

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Iceland cold-shouldered as crisis countries rebound

Posted 18/01/2014 - 09:44 by anrigaut

2014-01-17 (All day)

As fresh money pours back into crisis-hit countries including Ireland, Portugal and even Greece, Iceland remains frozen out of international capital markets as its government remains locked in a battle with creditors over pre-crisis borrowings. ...

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Iceland Loses Patience as Bank Creditor Settlements Drag On

2014-01-13 (All day)

Iceland is losing patience with creditors in its failed banks as the government considers forcing through bankruptcy proceedings to help it exit capital control in place since 2008.
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Iceland rises from the ashes of banking collapse

Posted 09/10/2013 - 08:45 by anrigaut

2013-10-05 23

Populist programme of new government includes a squeeze on foreign creditors as country emerges from years of instability

A new mood of proud nationalism is emerging in economically resurgent Iceland after an out-of-control banking system sank the country into financial meltdown exactly five years ago. Riding this wave of confidence is 38-year-old prime minister, Sigmundur Davíd Gunnlaugsson, elected in April on populist promises of mortgage relief for every homeowner.
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Gunnlaugsson's main pre-election pledges were to squeeze [these] foreign creditors – characterised as "hedge funds" or "vulture funds" – in order to bankroll a mortgage relief programme for all homeowners and a string of pro-business tax cuts.
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And Not all of the foreign creditors are the vulture funds Gunnlaugsson talks of. British and Dutch taxpayers still have significant exposure to the Landsbanki administration. As priority creditors they have had almost 55% of their claims repaid, though the remainder will take a good deal longer to be paid out. There are UK local authorities and charities, too, which entrusted more than £1bn with failed Icelandic banks and are still waiting to get much of their money back. Meanwhile, taxpayer-controlled Royal Bank of Scotland had been one of the largest investors in Icelandic bank bonds, a position that has left it a non-priority claimant, expecting only minimal returns in its claims.

Until recently RBS had remained on the banks' creditor lists but sold its positions to distressed debt specialists earlier this year — at a heavy loss — as the outlook for creditors began to look more uncertain in the face of Gunnlaugsson's rising fortunes.

The Icelandic prime minister has promised to give further details of his populist programme for tax cuts and home loan debt relief next month, and will be under pressure to show how he expects to fund such moves. It remains to be seen if he gains more from squeezing foreign creditors trapped within Iceland's capital controls than he loses in terms of the damage to Iceland's reputation among international investors.

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Iceland’s bank creditors frustrated after lack of dialogue

Posted 27/09/2013 - 09:07 by anrigaut

2013-09-25 23

Creditors in Iceland’s failed banks are becoming increasingly frustrated at the unwillingness of the government in Reykjavik to negotiate, five years after the collapse of the country’s financial system. ...

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JJB Sports in administration

Posted 10/02/2009 - 19:25 by Anonymous

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I see that JJB Sports has called in the administrators today. Isn't Kaupthing sitting on a pile of JJB shares as part of its assets. Doesn't look too good?

CREDITORS QUEUE UP TO QUIZ KAUPTHING - Deloitte & Touche

2008-12-01 (All day)

CREDITORS of the collapsed Icelandic bank Kaupthing, including local authorities and charities, will this week get the chance to grill the bank and its administrator Deloitte & Touche on what has happened to their money and when they will get it back.
It is understood the bank’s Icelandic bosses and Deloitte will meet an informal creditors’ committee this week. They are expected to demand an explanation of where their funds are, how much they will get back and when.

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