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Icelandic finance minister: debt relief plans won’t affect budget surplus
Iceland’s household debt relief plans will not threaten the 2014 budget surplus, according to Finance Minister Bjarni Benediktsson. Since coming into power in May this year, debt relief has been at the...
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Issuing and acquiring services provider Valitor makes mark on global stage
The Iceland-based international card payment services provider Valitor has been making its mark on the global stage in recent years, expanding its issuing and processing services for prepaid programs...
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IMF frowns at Iceland debt write-off plan
A plan to ease mortgage debts of every household in Iceland through a write-off has been criticised by the International Monetary Fund (IMF). An announcement on Saturday by the new government that it...
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Iceland PM tells failed banks to pay up
Following his controversial announcement on November 30th to wipe 150 billion króna off household mortgage debt, the Icelandic prime minister now intends to pass the bill on to the failed banks....
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Icelandic bank executives sentenced to jail
Four former big names of Icelandic failed bank Kaupthing have been sentenced to prison by a court in Reykjavík yesterday for their involvement in market abuses related to a stake taken in the bank by...
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Icelandic companies launch ‘Green Marine Technology’
Ten Icelandic ocean technology companies have launched Green Marine Technology – a marketing initiative focusing on eco-friendly solutions for fish processing and fisheries. The firms have been working...
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Seðlabanki keeps rates unchanged
Iceland’s central bank has kept its key interest rate at six per cent for the ninth rate-setting session in a row, citing low inflation and solid economic growth. Seðlabanki’s Monetary Policy...
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Economist: New debt writedowns would help Iceland growth
Iceland’s banks must continue writing down household and corporate debt to boost its economic recovery, a leading Reykjavik University economics professor has said. Prof. Friðrik M. Baldursson said the...
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Iceland prosecutor indicts ex-Landsbanki executives over loans
Two former Landsbanki chief executives have been indicted by Iceland’s special prosecutor for allowing it to guarantee loans despite lacking sufficient insurance. Iceland’s financial system collapsed...
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Iceland: Central bank governor could be replaced
Iceland has advertised the central bank governor position after current governor Már Guðmundsson questioned the government’s decision to go ahead with the household debt relief programme. The...
View ArticleLandsbanki suffers homes for loan repayment setback
Icelandic bank Landsbanki has suffered a setback after its Luxembourg branch lost an appeal against French authorities seizing debts of clients who lost funds in an initiative that saw them mortgage...
View ArticleIceland advised to drop bank creditor programme
Iceland must take a stronger stance on world creditors as its failed banks aim to safeguard the failed króna in a planned exit from a six-year capital controls regime, said a World Bank economic...
View ArticleIceland homeowners get welcome boost
Iceland says it has launched a debt cancellation initiative for mortgage holders which is likely to benefit half the households in the country. Each debt could see as much as 26,000 euros knocked off...
View ArticleIcelandic premier says LBI will not be exempt from restrictions
Iceland Prime Minister Sigmundur Davíð Gunnlaugsson has insisted that failed bank LBI hf will not be exempt to the country’s capital controls. Speaking to reporters in the capital Reykjavik, he said...
View ArticleIceland plans euro bond sale
Iceland is planning to sell its first euro bond since 2006, moving away from the US dollar funding it has been dependent on since its economy crashed in 2008. The North Atlantic island has tapped only...
View ArticleFormer Kaupthing bosses charged with fraud
The former chief executive and chief financial officers of Kaupthing have been charged with fraud and breach of trust by Iceland’s special prosecutor. According to the indictment, Hreidar Sigurdsson...
View ArticleBoard of Directors of SPRON charged with breach of trust
The Office of the Special Prosecutor in Iceland has charged the Board of Directors of SPRON, the country’s largest Savings Banks, which collapsed during the economic meltdown in 2008, with breach of...
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Questions raised about CEO of Icepharma in light of charges from the Office...
Questions have been raised about whether the CEO of Icepharma, Margret Gudmundsdottir, should remain as the Chairman of the Board of N1, Iceland’s biggest fuel retail and service company, after the...
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OSP takes Board of Directors of SPRON to court for breach of trust
The Office of the Special Prosecutor in Iceland (OSP) took the Board of Directors of SPRON, Iceland´s largest Savings Bank before the bank Collapse in 2008, to District Court today, for breach of...
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Iceland economy forecast to expand by 2.7% in 2014
Iceland’s economy has been forecast to grow by 2.7 per cent this year, according to the most recent prediction by Statistics Iceland. The data also revealed that the North Atlantic nation’s economy is...
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