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Former Glitnir Bank head indicted in Reykjavik
The former boss of Glitnir Bank has been formally indicted for tax evasion, Icelandic officials announced on Monday 4 February. Charges against Bjarni Armannsson, who resigned as the failed lender’s...
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Iceland leaves inflation rate unchanged in January
Iceland’s rate of annual inflation saw no change in January, Bloomberg Businessweek reported. Analysts in Reykjavik said that the news comes largely as the result of seasonal sales, which blocked the...
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Iceland’s Kaupthing resolves Qatari dispute
Reykjavik-based bank Kaupthing has announced the resolution of its longstanding dispute with Qatari investor Sheikh Mohammed bin Khalifa bin Hamad Al Thani. The agreement comes more than four years...
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Norwegians’ personal finances on the rise
New figures have revealed that the personal bank accounts of Norwegians are looking healthier than ever before. According to the latest report from Statistics Norway, the average Norwegian’s bank...
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Fitch upgrades Iceland’s credit rating
Fitch has further upgraded Iceland’s sovereign credit rating amid the country’s ongoing economic recovery. The agency announced last week that the island-nation had achieved a BBB rating – the...
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Kaupthing issues first international bond since banking collapse
Reykjavik-based Arion Banki, formerly know as Kaupthing, has issued its first international bond since the Iceland’s financial collapse in 2008. Höskuldur Ólafsson, chief executive of failed Kaupthing...
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Straumur head fired over UK tax evasion report
Pétur Einarsson, the head of Reykjavik-based investment bank Straumur, has been dismissed following the release of a report stating that he evaded paying taxes in Britain whilst serving on the board of...
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Kaupthing’s top bosses indicted over rigging
Kaupthing bank that collapsed during the great meltdown of 2008, is now in the news for other reasons. Nine senior executives, including former executive chairman Sigurður Einarsson, have been charged...
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Risk in removing Iceland’s capital controls
Capital controls introduced in the wake of the 2008 financial crisis are becoming increasingly difficult remove due to the swelling amount of money held offshore, says an Insurance executive. Sigurður...
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Swede’s faith in Euro hits rock bottom
Troubles in Europe with the single currency have left a crisis of confidence as other European nations lose faith in ever adopting it as a currency. In Sweden a recent survey revealed just 9 per cent...
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Overseas creditors might have to accept losses
Foreign bondholders hoping to recoup their full investments in Iceland’s three collapsed banks will be eyeing the new government nervously. Anti-austerity election pledges have threatened to force...
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Central bank starts buying forex
In preparation for the unwinding of capital controls that have been in place since the 2008 banking collapse, Iceland’s central bank has started selling króna to secure sufficient foreign exchange as a...
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Pressure mounts to ditch capital controls
The incoming government of Iceland is speculated to ease and remove currency controls before the market becomes too distorted, reports Bloomberg. The decision to ask for a debt write off of creditors...
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OECD advise Iceland to tighten monetary policy
The Organization for Economic Cooperation and Development (OECD) has said that Iceland should raise interest rates to slow the rate of inflation, and introduce debt-relief measures for...
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Central Bank of Iceland closes last vault outside Reykjavik
The Central Bank of Iceland Seðlabanki has closed its last remaining vault outside the capital, Reykjavik. The move comes as part of an ongoing Seðlabanki review of how it distributes its banknotes,...
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Asian investors interested in Íslandsbanki
An Asian investment group is eyeing up Íslandsbanki, one of the financial institutions created after Iceland’s economy collapsed, offering a ray of hope to creditors. The North Atlantic country’s...
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Iceland key interest rate unchanged, growth forecasts lowered
Iceland’s central bank has kept it key interest rate unchanged at six per cent while lowering its forecasts for growth. The country has now kept interest rates unchanged for six successive meetings...
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Icelandic PM says UK banks risk collapse
Icelandic Prime Minister Sigmundur Davíð Gunnlaugsson has said that the UK has not learnt from the global financial crisis and is now faced with the same problems that led to Iceland’s banks...
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Iceland bank wants loan extension
Iceland’s state-run Landsbanki bank wants to renegotiate the conditions of a £1.5bn bond in an effort to slow payments to other countries’ governments. The North Atlantic nation remains in debt...
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Iceland keeps rates unchanged after supporting króna market
Iceland’s central bank Seðlabanki has kept its interest rate the same for a seventh meeting in a row after it intervened in the currency market. In February, Iceland said it would begin purchasing...
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