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


This page contains brief summaries of and links to media reports from the source BBC.

Landsbanki executives arrested in Iceland

Police in Iceland have arrested the former boss of failed bank Landsbanki and another senior executive.

Former chief executive Sigurjon Arnason and Ivar Gudjonsson, ex-head of the bank's investments arm, were held on allegations of market manipulation.  14-Jan-11.

Iceland given another $160m by IMF to re-build economy

The International Monetary Fund (IMF) has cleared a $160m (£104m) loan to Iceland that was contested by Britain and the Netherlands.

The money is the latest tranche of $2.1bn in IMF aid to stave off Iceland's financial collapse. But approval got caught in wrangling over claims for compensation for the collapse of the Icelandic bank Icesave.

Release of a further tranche of money brings to £1.2bn the amount of loans that the IMF has extended to Iceland.  16-Apr-10.

Iceland leader vetoes bank bill

Iceland's president has refused to sign a controversial bill to repay $5bn (£3.1bn) to the UK and the Netherlands.  President Olafur Ragnar Grimsson said he would instead hold a referendum on the bill, following public protests.

"It is the job of the president of Iceland to make sure the nation's will is answered," he said.  "I have decided... to take the new law to the nation. The referendum will take place as quickly as possible."  5-Jan-10

Landsbanki savers get third sum

The administrators of Landsbanki Guernsey have said they intend a third distribution to creditors of between 11p and 12.5p in the pound in January.

The Joint Administrators said the ultimate recovery for creditors is estimated to be between 85p and 91p in the pound.

They also announced an extension to the administration of the bank until 6 January 2011.  17-Dec-09

Iceland reaches savers' agreement

The Icelandic government says it has come to a new agreement with the governments of the Netherlands and the UK over the repaying of $5bn (£3bn) . . .

Iceland's Prime Minister Johanna Sigurdardottir said the government believed the new law would be adopted by parliament.

At a press conference, she said a review by the IMF of its $10bn bail-out programme would take place before the end of the month. . .

It does not cover the money British councils invested in Icelandic banks. They are engaged in a separate process to recover their money, led by the UK's Local Government Association. 18-Oct-09.

Anger as Iceland battles to recover

A year ago this week Iceland's economy collapsed along with three of its biggest banks. Since then the country has been struggling to recover and there is still a long way to go. . .

. . . Icelanders are still very angry about the situation.

They blame everyone from Britain and its Prime Minister Gordon Brown, to the EU to the big Icelandic investors - sarcastically referred to as the "Vikings" - whose antics abroad are considered to be a big catalyst in Iceland's downfall.. .

Although there are people who believe Icelandic taxpayers should not be footing the bill for the collapse of a private bank, more are saying that Iceland needs to meet its obligations.  09-Oct-09.


Guernsey savers call for inquiry

Depositors who lost money when a bank went into administration are calling for a public inquiry into the conduct of the States of Guernsey.

The Landsbanki Depositors Action Group members symbolically turned their backs on the States one year on from the bank's collapse on 7 October 2008.  07-Oct-09.

BBC Interviews Jersey LGDAG Representative Eleanor Monaghan (Audio Clip)

Eleanor Monaghan, Jersey LGDAG representative was interviewed by BBC Radio today, regarding the Administrator of Landsbanki Guernsey's proposed legal action to challenge the inequitable treatment of LG depositors as compared to those who saved with IceSave in the UK and Netherlands, which renders the former as ordinary creditors while the latter have been defined as preferential creditors due to those Governments' intervention.

The clip can be found via the link below and when the player page opens, click on the play button, then again on the timer bar at just after  1 hour 11 minutes (nearly in the middle of the bar) to find Eleanor's excellent interview.  18-Sep-09.

Iceland to pay back Icesave cash

The Icelandic parliament has voted in favour of repaying more than $5bn (£3bn) to the governments of the UK and the Netherlands.

The so-called Icesave bill will reimburse funds paid by the governments to compensate those who lost money in the Icelandic online bank Icesave. . .

The deal was agreed in June, but was only passed after an amendment was added setting various limits to the payments.. .

In a statement, the UK Treasury said, "As you would expect, the UK will look carefully at any conditions placed upon the loan to ensure that they are reasonable".  28-Aug-09.

MPs lobbied by Landsbanki savers

Savers who lost money when the Guernsey branch of the Icelandic bank Landsbanki collapsed last October are planning to lobby UK and Commonwealth politicians. . . .

. . . Expat saver Mark Ashby said: "It is truly incredible that affluent Guernsey is still the only country in the world that has refused to help stricken savers in any way.

"It has benefited greatly from a flourishing finance centre for many years but when something goes wrong it doesn't want to know."   28-May-09.

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