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

Related Topics

This page contains brief summaries of and links to media reports on the topic of Related Topics.

Iceland talks on failed banks' assets face delay

STOCKHOLM, May 12 (Reuters) - Iceland said on Tuesday negotiations with creditors on the division of assets of its failed banks had been held up due to problems valuing the assets of the new banks set up after the country's financial meltdown.

Informal talks on the valuation of the assets and liabilities of the failed banks have begun, but a final deal with creditors could now very likely be delayed by a few weeks, Indridi Thorlaksson, Permanent Secretary at the Ministry of Finance, told Reuters.

Financial authorities had previously expected an agreement could be reached by May 18.   12-May-09.

http://uk.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUKLC80334120090512

IMF Denies Having Discussed Icesave with the UK

The permanent representative of the International Monetary Fund (IMF) in Iceland Franek Rozwadowski stated that the Icesave dispute is between Iceland and the UK and that the IMF is not involved, contrary to claims made by the British Prime Minister Gordon Brown. 08-May-09.

http://icelandreview.com/icelandreview/daily_news/?cat_id=29314&ew_0_a_id=323790

 

Iceland’s New Government Must Settle Creditor Talks (Update1)

April 27 (Bloomberg) -- Iceland’s coalition of Social Democrats and Left Greens, which won the weekend’s parliamentary elections, has little time for self-congratulation.  Creditors impatient for repayment and financiers demanding compliance with the terms of an international bailout will be knocking on the door before the champagne runs dry.

The administration takes office as the country awaits the next part of a $5.1 billion International Monetary Fund-led loan. Payment depends on the success of talks over debt owed to creditors of the island’s collapsed banks and failure may derail hopes of economic recovery. The creditors seek to recoup more than $80 billion, almost eight times Iceland’s national output.. .

. . .  Iceland had targeted a settlement with international creditors of the failed, Reykjavik-based banks, Kaupthing Bank hf, Landsbanki Islands hf and Glitnir Bank hf, this month, Gylfi Magnusson, interim business affairs minister, said on March 11. 27-Apr-09.

http://www.bloomberg.com/apps/news?pid=20601100&sid=aJjyDgYNJfkI&refer=germany

Treasury paid £7.4bn to Iceland savers

The Treasury has revealed that it was forced to pay out £7.4bn to savers who lost their money in the Icelandic banking crisis last year.

The Government stepped in to help more than 300,000 UK savers with Iceland's biggest banks, after Kaupthing and Landsbanki collapsed last October. Figures released in Wednesday's Budget, show that the Treasury had to give £3.3bn to savers with money in Kaupthing Singer & Friedlander and Landsbanki's Heritable Bank, while compensation is expected to reach £4.5bn for savers with money in Icesave accounts. 24-Apr-09.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/5209477/Treasury-paid-7.4bn-to-Iceland-savers.html

New hope for Kaupthing Singer Friedlander (IoM) depositors

THERE's some welcome news at last for Kaupthing Singer and Friedlander (IoM)depositors after administrators confirmed that creditors could get back at least 50p in the £1 from the sister bank in London.

And now on the back of the better than expected estimated returns, the Manx Treasury has lodged with the high court proposals for an improved scheme of arrangement. . .

. . . The better than expected figures moves the estimated minimum recovery rate for the local bank from 65 per cent to about 75 per cent.

The improved prospect of returns from the UK could accelerate repayments under the proposed scheme of arrangement for Isle of Man depositors, so that individual entitlements of up to £50,000 could be paid in full in 12 months instead of 24 months.

Some £557 million - £402 million net - was trapped when the Kaupthing Singer & Friedlander bank in London was placed into administration, a move that prompted the collapse of KSF (IoM) in October last year, leaving 10,000 customers owed at least £840 million.  24-Apr-09.

http://www.iomtoday.co.im/news/New-hope-for-Kaupthing-Singer.5203653.jp

Iceland payback delay warning

Councils with money frozen in Iceland's Heritable Bank should gain up to 80% of their deposits back — but they will have to wait until 2012 to receive the best return.

The authorities will effectively forfeit cash by receiving what is left of their deposit sooner, said a report published by the bank's administrators Ernst & Young on the 17th April 2009. . .

. . . Heritable has to adhere to UK insolvency laws, which require auditors to produce a report after six months, but there are no such rules governing the Iceland-based banks.

The proportion of returns from Landsbanki and Glitnir will depend on whether councils secure 'preferential creditor status', which the LGA is optimistic about. Local Government Chronicle website - 23-Apr-09.

http://www.lgcplus.com/News/2009/04/iceland_payback_warning.html

Compensation hope for Iceland bank savers

British savers who lost almost £1 billion in Kaupthing Singer & Friedlander (KSF), the Icelandic bank based on the Isle of Man, are expected to find out tomorrow how much they will get back.

They were earlier thrown an apparent lifeline that could return them 60% — but that all hinges on how much of the bank’s assets have been found. . .

. . . Those who invested in Guernsey accounts with Landsbanki, another Icelandic bank (which traded in the UK as Heritable and Icesave), received compensation from liquidators within weeks, but were given just 30p in the pound.

However, others have still received nothing. Last month, MPs recommended that the government should only compensate charities — not councils or individual depositors.  19-Apr-09.

http://www.timesonline.co.uk/tol/money/savings/article6120755.ece?token=null&offset=0&page=1

Bank of England holds crisis talks with seven building societies

THE Bank of England is locked in talks with seven British building societies to renegotiate crisis funding measures introduced at the height of the credit crunch.

A slew of credit-rating downgrades for building societies last week threatens to breach the terms of the government’s Special Liquidity Scheme and force the societies to hand back cash to the Bank of England. . . .

. . .Chelsea, Yorkshire, Skipton, Coventry, Newcastle, Norwich & Peterborough and Principality are the societies affected. All have recently passed stress tests imposed by the Financial Services Authority (FSA) and are not considered in danger of collapse. Nonetheless, they will now be charged more to use the emergency funding. 19-Apr-09.

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6122353.ece

Iceland cash surprise for British councils

DOZENS of UK councils are in line for an unexpected windfall of up to £200m from the receivers of one of the three collapsed Icelandic banks.

A creditors’ report from the administrators of Heritable Bank, part of Landsbanki, has revealed that savers can expect to get back at least 70p in the pound. 19-Apr-09.

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6122231.ece

Offshore savers helped, but some left stranded

Around three-quarters of the savers who put their money into the offshore arm of Icelandic banks are to get their cash back.

Some 10,000 savers with Kaupthing Singer & Friedlander Isle of Man (KSFIOM) have been told that the bank has been granted a Scheme of Arrangement by the Isle of Man court, saving it from liquidation. . .

. . . The Isle of Man government has agreed to contribute up to £180m towards compensating depositors.

However, the 2,003 savers with Landsbanki Guernsey, which went into administration on October 7, 2008, are not so lucky. So far, they have received a payment of 30p in the pound. Savers who had accounts with the UK arms of Landsbanki and Kaupthing were compensated in full. 15-Apr-09.

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=482592&in_page_id=7

Syndicate content