News

Icesave Issue Resolved - 12/31/09

Press release No. 84/2009

Yesterday evening the Icelandic parliament Althingi approved a legislation authorising a state guarantee for loans by the UK and the Netherlands to the Depositors’ and Investors’ Guarantee Fund to cover payment of mandatory minimum deposit guarantees to holders of savings accounts in branches of Landsbanki Íslands hf. in those countries.

Further reading

Bank Reconstruction Concluded - 12/18/09

The restructuring of Iceland’s three commercial banks is now concluded. Further reading

New exchange agreements signed - 12/16/09

The Nordic countries (Denmark, the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden) have today concluded the signing of several new information exchange agreements with states whose international financial services industry focuses on attracting foreign investors. Further reading

Agreement between the Icelandic government and Landsbanki's Resolution Committee on settlement - 12/16/09

The Icelandic government, the Resolution Committee of Landsbanki Íslands (“the old bank”) and new Landsbankinn (NBI) have signed a final agreement on the settlement of assets and liabilities following the division of Landsbanki Íslands into old and new banks, following its collapse int October 2009. Representatives of leading creditors have participated in the negotiations.

Further reading

Important step in the financial restructuring of BYR - 12/14/09

The Ministry of Finance held meetings yesterday with the management of BYR Savings Bank, together with its advisors, and a number of creditor representatives. Further reading

Agreement on ownership of Arion Bank - 12/1/09

The Resolution Committee of Kaupthing Bank has, in consultation with the creditors and being supported by its financial advisor throughout the process, decided that Kaupthing Bank and thereby its creditors shall acquire 87% of common equity in Arion Bank. The Government will continue to own 13% of common equity. Further reading

Announcement by the Ministry of Finance and the Resolution Committee of Kaupthing: Deadline regarding capitalization of New Kaupthing extended until end of November - 10/30/09

The Ministry of Finance and the Resolution Committee of Kaupthing have agreed to extend the deadline for the Resolution Committee to make a decision regarding the capitalization of New Kaupthing until 30 November 2009. Further reading

The Finance Ministers of Iceland, the United Kingdom and the Netherlands: Joint Statement upon introduction of a Bill on Icesave to the Icelandic Parliament Althingi - 10/19/09

Following the signing of an acceptance and amendment agreement between Iceland and each of the UK and the Netherlands a bill was introduced to the Icelandic parliament today. Those amendment agreements and the Bill mark the final steps in implementing the Icesave loan arrangements between Iceland and the UK and the Netherlands. Further reading

Joint press release from the Ministry of Finance, Íslandsbanki and Glitnir's Resolution Committee: Creditors Acquire 95% of Share Capital in Íslandsbanki - 10/15/09

Glitnir’s Resolution Committee has, on behalf of its creditors, decided to exercise the option provided for in its agreement with the Icelandic state and take over 95% of share capital in Íslandsbanki. This concludes the settlement concerning those assets transferred from Glitnir to Íslandsbanki upon the collapse of the commercial banks last October. Further reading

Agreement between the Government of Iceland and the Resolution Committee of Landsbanki on compensation instrument - 10/12/09

The Government of Iceland and the Resolution Committee of Landsbanki are pleased to announce that an agreement has been reached on the outline terms for the compensation payable by New Landsbanki to Landsbanki in return for the transfer of net assets to New Landsbanki in October 2008.

Further reading

Joint press release from the Polish and Icelandic Ministries of Finance - 10/4/09

Today in Istanbul, Turkey, a loan agreement was signed between the Republic of Poland and the Republic of Iceland. Under the agreement, the Republic of Poland will lend the Republic of Iceland 630 million Polish z³oty (PLN), the approximate equivalent of 200 million US dollars (USD).

Further reading

Budget Highlights 2010 - 10/2/09

Budget Highlights for 2010. Further reading

New macroeconomic forecast 2009 - 10/1/09

This report focuses on the development and outlook of the economy for 2009-2011 on the basis of the Ministry of Finance’s most recent macroeconomic forecasts and projections up to the year 2014. Further reading

New macroeconomic forecast for 2009 - 2014 - 10/1/09

New macroeconomic forecast for 2009 - 2014 Further reading

Treasury finances January-August 2009 - 10/1/09

Figures for Treasury finances in the first eight months of 2009 are now available. Total Treasury revenue amounted to 276 billion, decreasing by -18 billion or -6.1% Further reading

The Resolution Committee of Glitnir granted been granted an extension to October 15th to decide whether to aquire control Íslandsbanki - 9/30/09

The Ministry of Finance has accepted a request from the Resolution Committee of Glitnir, on behalf of its creditors, for an extension until October 15th to arrive at a final decicion whether to acquire control of Islandsbanki. Further reading

Icelandic State Banking Agency (ISBA) commences operation - 9/25/09

The Minister of Finance has appointed the Board of Directors of ISBA which has now formally commenced its operation. Further reading

Agreement between the Government of Iceland and the Resolution Committee of Glitnir finalised - 9/13/09

The Government of Iceland announces the signing of definitive agreements with the Resolution Committee of Glitnir regarding the capitalisation of Islandsbanki and the basis for compensation to Glitnir and its creditors following the creation of Islandsbanki in October 2008. Further reading

OECD Economic Surveys: Iceland 2009 - 9/8/09

Last week OECD announced its 2009 economic survey on Icelandic economy. Further reading

Weekly Web Release September 3, 2009 - 9/7/09

Capital income is changing - Merchandise trade in August - The ownership policy of the government regarding financial firms Further reading
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