info.LandsbankiAction.org.gg   30-Mar-2016: Liquidators' Update, see Deloitte site

Icelandic banks 'broke the rules' before UK deposits

Glitnir and Landsbanki were breaching banking regulations by the time 64 British local authorities deposited most of their £800m into the Icelandic lenders, according to two secret reports on the collapse.

Documents commissioned by Iceland’s special prosecutor and seen by The Sunday Telegraph suggest Glitnir was operating below the legal limits of its capital adequacy ratios by the end of 2007. A second report for the prosecutor’s office claims Landsbanki also breached the conditions of its banking licence at the end of 2007.. . .

Both reports are critical of Landsbanki’s and Glitnir’s auditors, the Icelandic branch of PricewaterhouseCoopers (PwC), arguing that it should have spotted mis-statements.

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8196161/Icelandic-banks-broke-the-rules-before-UK-deposits.html