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


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

Iceland draft deal with Britain said ready

(Reuters) - Iceland's business lobby said on Tuesday it had seen the outline of a draft deal on repaying Britain and the Netherlands and that it was much improved from one rejected by voters in March. . .

. . . which would involve Iceland repaying 40-60 billion Icelandic crowns (224 million pounds) to the British and Dutch.

That is much lower than the $5 billion (3 billion pounds) that the governments paid out to investors in high-interest Icelandic bank accounts though it is understood that a big portion of the debt could be covered by a sale of assets in failed bank Landsbanki.

The Dutch and Icelandic finance ministries said no deal had been reached but that progress was being made. 16-Nov-10.

Iceland sees "Icesave" talks ending in 2010

(Reuters) - Negotiations on repayment of $5 billion (3 billion pounds) lost by British and Dutch investors in Iceland's 2008 banking crash are likely to be resolved by the end of this year, the island's foreign minister said on Tuesday. . .

The minister [Ossur Skarphedinsson] said he expected the parties to be able to conclude the talks within a month, "In a manner that both sides will be, perhaps not happy with, but content." 02-Nov-10.

Iceland intends to repay the Netherlands - paper

(Reuters) - Iceland will honour its promise to repay the Netherlands money that Dutch savers lost in the online accounts of a failed Icelandic bank, Iceland's finance minister said in a newspaper interview on Saturday.

Steingrimur Sigfusson told De Telegraaf, the Netherlands' largest newspaper, that the Dutch people had nothing to fear.

"The Netherlands can rest easy. Their money really will be returned," Sigfusson told the paper.

The British and Dutch governments want Reykjavik to return money paid to depositors whose funds were frozen in so-called "Icesave" accounts operated by Landsbanki, which collapsed along with Iceland's other main commercial banks in 2008.  18-Sep-10.

Icesave talks to resume on Monday: Iceland minister

REYKJAVIK (Reuters) - Iceland is set to resume talks Monday with Britain and the Netherlands on repaying more than $5 billion lost when Icelandic banks collapsed in 2008, Finance Minister Steingrimur Sigfusson said Sunday. . .

A new negotiating team would leave Reykjavik to attend exploratory meetings Monday, Sigfusson told state radio, without saying whether the talks would take place in Britain or the Netherlands. . .

Reykjavik plans to make a new proposal which a government source said involves quicker repayment of the debt with a sale of the assets of failed bank Landsbanki. 14-Feb-10.

Icesave talks end with no signs of progress on row

THE HAGUE/STOCKHOLM (Reuters) - Leaders from across Iceland's political spectrum met Dutch and British ministers on Friday over more than $5 billion in "Icesave" bad bank debts, but the talks ended with no signs of progress.

The Dutch and Icelandic finance ministries said that "parties exchanged views" at The Hague talks on the dispute surrounding losses on online accounts at Icelandic banks which collapsed in late 2008.

"The sides will now consider the situation after this meeting, but at this stage no further discussions are scheduled," the ministries said in separate statements. 30-Jan-10. . .

UPDATE 1-Dutch FinMin: No point in Icesave mediator

THE HAGUE, Jan 28 (Reuters) - The Netherlands sees no point in appointing a mediator to solve its dispute with Iceland over compensation for the failure of Iceland's banking system during the credit crisis, the Dutch finance minister said on Thursday. . .

Opinion polls show a strong chance the referendum will fail, which has led the Icelandic government to suggest it would like some sort of renegotiation or mediation to solve the crisis. 28-Jan-10.


Iceland leader rejects UK, Dutch compensation bill

REYKJAVIK - Iceland's president rejected a bill to repay Britain and the Netherlands more than $US5 billion ($A5.5 billion) their savers lost when Icelandic banks collapsed, forcing a referendum on the issue and threatening vital economic aid. . .

Britain warned Icelanders that if they rejected the bill, the north Atlantic island with just 320,000 people faced financial isolation.

"The Icelandic people ... would effectively be saying that Iceland does not want to be part of the international financial system," Financial Services Minister Paul Myners said. . .

Rating agency Fitch reacted to Mr Grimsson's decision by downgrading Iceland's long-term foreign currency issuer default rating to "junk" status with a negative outlook.

Standard & Poor's followed up saying Mr Grimsson's decision could lead it to cut, by one or two notches, its current BBB-minus rating to "junk" status, citing the political uncertainty and external liquidity pressures.

The next tranche of a €1.8 billion ($A2.84 billion) loan from Iceland's Nordic neighbours is also likely to be delayed, a Finnish official said. 06-Jan-10.


TIMELINE-Key events since Iceland's financial meltdown

Iceland's parliament approved an amended bill to repay more than $5 billion lost by savers in Britain and the Netherlands when the island's banks collapsed during the financial crisis.

Here is a timeline of events since Iceland's financial meltdown.  31-Dec-09

Iceland finalises Landsbanki recapitalisation deal

STOCKHOLM, Dec 16 (Reuters) - The Icelandic government said on Wednesday it had finalised a deal with creditors of failed bank Landsbanki as part of the recapitalisation of its shattered banking system following last year's collapse.

The Icelandic Ministry of Finance said in a statement the state would take an 81 percent stake in the new bank formed out of the wreckage of Landsbanki, recapitalising the bank with an equity contribution of 122 billion Icelandic crowns.  16-Dec-09.

UPDATE 1-IMF to look at Iceland debt in next review

WASHINGTON, Oct 29 (Reuters) - An International Monetary Fund mission is expected to conduct a second review of Iceland's loan program in December and will look at a restructuring framework for private household and corporate debt, a senior IMF official said on Thursday.

Mark Flanagan, the IMF mission chief to Iceland, said on a conference call with reporters that Iceland's external debt was much higher than initially believed but is sustainable.  29-Oct-09.

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