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

Iceland Banks Didn’t Violate Rules, President Grimsson Says

Sept. 23 (Bloomberg) -- Iceland’s banks, which collapsed a year ago after racking up $80 billion of debt, didn’t violate any regulations, President Olafur R. Grimsson said, even as the country’s financial regulator investigates the industry.

“Whatever you say about the Icelandic banks, they operated within the framework of the European regulations on banking and finance,” . . .

The Financial Supervisory Authority has identified 20 potential cases of banking malpractice and is probing a further 20, Chief Executive Officer Gunnar Andersen said last month.

“Part of my mission in New York is to offer the lessons that Iceland has learned at great cost to ourselves to the international global community,” Grimsson said.

Prime Minister Johanna Sigurdardottir said last month a “preposterous” misuse of banking secrecy rules had enabled “unethical” banking conduct.  23-Sep-09.