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

How could a handful of men in Reykjavik supervise a powerful City bank?

The UK and the Netherlands are concerned by the failure of Icelandic banks Kaupthing, Glitnir and Landsbanki because they had welcomed their subsidiaries and branches with open arms, even though their authorities had been at least partially alerted to the risks hanging over those banks. The two countries are now demanding that Iceland pay them astronomical sums (more than €2.7bn (£2.3bn) to the UK and over €1.3bn to the Netherlands, plus interest at 5.5pc in compensation.. .

But British Prime Minister Gordon Brown is wrong when he says that he and his government have no responsibility in the matter. First, he has a moral responsibility, having been one of the main proponents of this model which we can now see has gone up the spout. Second, he cannot say that the UK had neither the means nor the legitimacy to supervise Icesave's activities.  [Article by Eva Joly - a French judge acting as special adviser to the Icelandic government on criminal investigations into its banks] 02-Aug-09.