30-Mar-2016: Liquidators' Update, see Deloitte site

Iceland to hand bank stakes to creditors

Iceland is preparing to hand over large stakes in its three nationalised banks to their international creditors along with a 270bn krona (£1.3bn) injection of capital to revive the country's broken financial system.

The country's three biggest banks, Glitnir, Landsbanki and Kaupthing, failed last October owing $60bn (£36bn) to foreign institutions and savers.

Foreign bondholders, including most big UK banks and financial institutions such as pension funds and other institutional investors across the globe, are among the Icelandic banks' biggest creditors.

It is likely that they will end up controlling 100pc of New Glitnir (Islandsbanki) and 87pc of New Kaupthing, with the remaining 13pc held by the Icelandic state.  22-Jul-09.