Iceland to submit report on failed banks this week

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2009-04-14 23

Iceland's government said on Wednesday an evaluation of the assets and liabilities of its failed banks would be submitted to its market authority and main creditors within two days, with a deal expected by late May.

Negotiations on the division of the assets will begin as soon as possible, a government spokesman told Reuters, with an agreement expected by May 18.

Iceland's main commercial banks -- Kaupthing, Landsbanki and Glitnir -- failed last year, leaving creditors mainly across Europe, owed billions of dollars.

Creditors include a wide-range of individual depositors, bondholders and financial institutions.