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


This page contains brief summaries of and links to media reports that the site editors have selected as the most important or relevant.

MPs Will Have Access to All Icesave Documents

Minister of Finance Steingrímur J. Sigfússon says it is natural to grant MPs access to all documents relating to Landsbanki’s Icesave accounts, including drafts and memos. The comment came in response to yesterday’s news that British law firm Mischon de Reya’s report on the matter had not been accessible. . . 

The report stated that no written confirmation existed that Iceland had formally agreed to take responsibly for the commitments of the Depositors’ Insurance Fund regarding the Icesave deposits, reports.

“This legal uncertainty as pointed out by the law firm [Mischon de Reya] is what Iceland maintained the entire time and [Icelandic authorities] tried to have [the fact that Iceland never agreed to take responsibility for the commitments] acknowledged until the last moment but it never was,” Sigfússon told Morgunbladid.


NB: On this article there is a link to lawyers Mischon de Reya's report .pdf document which makes very interesting reading.  HERE.

Iceland eyes deal with creditors of failed banks

REYKJAVIK, July 8 (Reuters) - Iceland's government hopes to secure a deal next week with creditors of its failed banks which would allow it to capitalise its new banks and start to compensate foreign lenders for their massive losses.

A deal would likely come ahead of a July 17 deadline to finalise the capitalisation of the so-called "new banks" which were created following the country's financial meltdown, Indridi Thorlaksson, Permanent Secretary at the Ministry of Finance, told Reuters on Wednesday. . .

A deal would not necessarily guarantee the full recovery of the money owed to the creditors of Glitnir, Landsbanki and Kaupthing, but it would lay the groundwork for getting the new banks off the ground and returning the hard-hit Nordic country to international capital markets.  08-Jul-09.


Failed savers claim 'negligence'

Guernsey's financial regulator is facing fresh accusations of negligence from savers who lost money when the Icelandic bank Landsbanki collapsed.

Landsbanki Guernsey Depositors Action Group (LGDAG) says it has new evidence of regulatory failure on the part of Guernsey Financial Services Commission.  1-Jul-09

Iceland Lawmakers May Reject U.K. Icesave Agreement (Update2)

June 26 (Bloomberg) -- Iceland’s parliament may reject an accord the government struck with the U.K. and the Netherlands to cover foreign depositor claims, threatening to reignite a diplomatic spat between the countries.

As many as 33 of the 63 lawmakers in the Reykjavik-based parliament may fail to back the agreement in its current form, party leaders and individual members of the chamber told Bloomberg. The Cabinet postponed discussion of the accord until next week.  26-Jun-09.

Rejecting Icesave deal could be akin to declaring war

If Iceland’s Althingi parliament does not pass the bill confirming the state’s overall responsibility for dealing with the Netherlands and the UK’s Icesave claims, the entire country’s economy would be put on a war footing. Iceland would not receive further loan payments, companies would be unable to finance themselves and fall increasingly into bankruptcy, and the Icelandic nation would find itself no more respected than Cuba and North Korea among the community of nations. This is the opinion of Thorolfur Matthiasson, professor of economics, who says he is very surprised by the “irresponsible attitude” of some politicians on the issue.  26-Jun-09.

We Pay? No Way: Icelanders Turn Up Heat

Seven months after Iceland's banks went under, taking with them billions in British savings, relations between the two island nations look set to freeze over once more.

Earlier this month, Iceland's Prime Minister Johanna Sigurdardottir said she would propose accepting a £3.3bn loan from the UK and the Netherlands to recompense thousands of deposit holders who had their money in internet accounts at the failed lender Landsbanki Islands.

Yet the country's thousand year-old parliament, the Althingi, looks set to challenge that decision on Monday because of concerns that Iceland is not legally responsible for the lost funds.  26-Jun-09. . . .


Landsbanki action group lodges Commonwealth appeal

The Landsbanki Guernsey Depositors Action Group (LGDAG) has called on the Commonwealth Parliamentary Association (CPA) to support its attempts to recover 100% of its members' savings deposited with the failed bank.

In an open letter to CPA representatives attending the organisation's International Parliamentary Conference in Guernsey, LGDAG seeks to draw delegates' attention to the plight of its members whose savings are still frozen eight months on since Landsbanki Guernsey was placed into administration.  International Investment 16-Jun-09
Also (identical article)

Gib MPs fly to Guernsey storm

The Landsbanki Guernsey Depositors Action Group say they want to make us aware that "your Gibraltar MPs have flown into a media storm in Guernsey, which is this week hosting a CPA conference on, ironically, the financial crisis and the response by parliamentarians - ironic because Guernsey is the only country in the world that has refused to help stricken pensioners who recently lost the majority of their life's savings deposited in the Cheshire Building Society's Guernsey subsidiary (acquired by Landsbanki hf)."  Panorama Gibraltar website - 17-Jun-09.

Brown Justifies Use of Anti-Terrorism Act on Landsbanki

The UK was right to use the Anti-Terrorism, Crime and Security Act of 2001 to freeze the assets of Landsbanki in the UK in October 2008, British Prime Minister Gordon Brown wrote in response to a letter from his Icelandic counterpart, Jóhanna Sigurdardóttir.

However, in the letter, which Fréttabladid has a copy of, Brown also states that he will review the report undertaken by the Treasury Committee of the UK Parliament, criticizing the implementation of the anti-terrorism legislation, and react accordingly . . .

. . . Brown’s response was sent on April 24 but hasn’t been made public until now. He agreed with Sigurdardóttir on the importance of solving the Icesave dispute and that Iceland honor its obligations. He also mentioned tax havens and that his Treasury had invited Iceland to bilateral discussions on that subject.  16-Jun-09.

UK authorities lift freezing order on Landsbanki assets

British authorities today revoked the October 2008 Freezing Order on the assets of Landsbanki in Britain, wich were set using anti-terrorism legislation. This follows an agreement of 5 June between Icelandic, British and Dutch authorities, according to which the Icelandic Depositors' and Investors' Guarantee Fund will reimburse the UK and the Dutch Governments the amounts paid out to eligible depositors of the Icesave accounts in accordance with the EU Deposit Guarantee Scheme (up to 20,887 EUR per deposit).  The Icelandic Government Information Centre website 16-Jun-09.

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