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Forbes

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

UPDATE 1-IMF board to discuss Iceland loan Oct. 28

WASHINGTON, Oct 21 (Reuters) - The International Monetary Fund said on Wednesday its board would review a delayed stand-by loan arrangement for Iceland on Oct. 28, which would free up about $167.4 million in funds. . .

Iceland has agreed to more than $10 billion in aid from the IMF and other lenders.

But rescue efforts have been complicated by an international dispute over what to do about foreign savers who lost money in Icelandic bank accounts. 22-Oct-09.

http://www.forbes.com/feeds/afx/2009/10/21/afx7026061.html

EU: ECB chief should head new EU oversight agency

Associated Press: The European Central Bank president should head a new oversight agency to monitor risks to the European Union economy and help prevent a repeat of the financial crisis that has dragged the region into recession, the EU executive said Wednesday. . .

. . .  EU financial services commissioner Charlie McCreevy said these reforms would have helped curb the Icelandic banking crisis because supervisors who were worried that foreign banks didn't have enough capital to cover loans could have demanded action from Iceland's supervisor.

Britain last year froze assets belonging to Iceland's Landsbanki, which collapsed in October, to ensure British savers would get some of their money back. McCreevy said British supervisors had flagged worries about Icelandic banks long before the crisis "but nothing was done."  27-May-09.

http://www.forbes.com/feeds/ap/2009/05/27/ap6469793.html

Iceland: The Land Without An Economy

Iceland has won a "full house," with political crisis piling up on a debt, banking and currency crisis.. . . .

. . .The reason for Gordon Brown's offensive against Iceland was that the Landsbanki's IceSave online deposit scheme was insured by a private deposit guarantee scheme in Iceland in accordance with E.U. law. The fund had about 1% coverage ratio compared with the E.U. average 0.52%. By Icelandic law and the E.U. custom, the Icelandic Government has no legal obligation to insure or pay for the DGS.. . .

. . .It is interesting that the British Government was quite happy to collect up to 40% tax on the interest income from the IceSave accounts, a privilege the Icelandic Government did not enjoy. The British government collected all the revenue but demanded that the Icelandic taxpayer should absorb the risk. In contrast to this, the U.K. government does not guarantee bank deposits in subsidiaries of a British bank operating in the Isle of Man and Guernsey. Its argument was that the U.K. did not receive tax revenue on those operations. 09-Feb-09.

http://www.forbes.com/2009/02/08/iceland-gordon-brown-opinions-contributors_0209_arsaell_valfells.html

FACTBOX-Who is in line to help bail out Iceland?

Thomson Financial News: STOCKHOLM, Nov 12 (Reuters) - Iceland has been hoping to secure a $2 billion lifeline from the International Monetary Fund (IMF), a loan it believes will spur other potential lenders to help the island overcome a crippling financial crisis.. . .

. . .EU / ECB . . .A commission spokesman said any loan would be small and would be conditional on sorting out deposit guarantees between Iceland and EU members, many of whose residents had deposits with offshore units of Icelandic banks. 12-Nov-08.

http://www.forbes.com/afxnewslimited/feeds/afx/2008/11/12/afx5684189.html

Icelandic PM says banking system functioning again

REYKJAVIK, Nov 7 (Reuters) - Icelandic Prime Minister Geir Haarde said on Friday the country's banking system was functioning again after all but collapsing last month. Source: Thomson Financial News, on Forbes website - 07-Nov-08.

http://www.forbes.com/afxnewslimited/feeds/afx/2008/11/07/afx5665737.html

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