Capital from Icesave Holland was not used to finance Marel’s Food System purchase of Stork Fund Systems. According to Hordur Arnarsson CEO of Marel it’s not correct what has been said in the Dutch media over the past days.
“First I would like to point out that 50% of the operation was funded through our own funds and the rest was provided by a cooperative loan from European banks,” Says Hordur. “It’s also worth pointing out that the external loans we got, did take place before Icesave even existed in Holland”.
According to Hordur it has been requested that the Dutch media corrects this mistake and publish the right information. This misleading information was picked up here in Iceland by local media.
Frettabladid reports
The so called boom in Iceland this last 10 years, like most other places, has been fed on easier access to credit. Not free credit. Not GB savers deposits. Icelanders have always had to pay much higher interest rates for all types of loans. There is an estimated €720m in total, on overdraft in check accounts.
If you want to follow the Kaupthing and Icesave money, you don’t have to look very far in England. The UK Gov is most welcome to confiscate Baugur’s assets in House of Frasier and Hamleys et.c. But the big investors never really suffer, do they?
It’s always the taxpayer.
On here, you get a flood of idiots offering xenophobic.trolling.
# William Watson
You are a good balance in this forum.
Thank you.
Quoted in the article Hörður Arnarson CEO of Marel Food systems said:
>Capital from Icesave Holland was not used to finance
>Marel’s Food System purchase of Stork Fund Systems…
I don’t think he could be more clear than that.
On Nov 2, 2008, Ron wrote:
>”Icenews stated that finance minister Bos did not contact your finance minister etc. If you read Dutch
>newspapers or watch tv you might want to improve on this misleading information which was picked up
>here in Netherlands. ;)”
This seems like a non sequitur to me Ron. But perhaps you mean it in jest. All I have read here at IceNews was that the Dutch and Icelandic representatives negotiated a settlement quickly, honorably, and without incident. For example:
https://www.icenews.is/index.php/2008/10/11/dutch-and-icelandic-understanding-on-icesave/
“After constructive deliberations, the Dutch and Icelandic governments have agreed on a solution regarding the Dutch depositors of Landsbanki IceSave savings accounts.”
Are you saying that’s not true?
On Nov 2, 2008, orchafine tried a bad troll:
>[Snip.]
As you and Jack London, and other aliases seem to try every other day, this is yet another poor attempt to troll Icelandic people into a misguided and emotional response. And of course to try and bounce people’s attention away from posts that engage in real discussion not ad-hominem.
That’s the problem of living in a Banana Republic… Or Elfsland.
They really believe they are the best, were the best and going to be the best!
So easy to be self-centered when the only World you know is your own.
I sincerely hope when they will be back on track they don’t forget to pay back entirely the money people lost…
@Ron
If you read the news in Icenews you can see that was rewritten/translated from a article that was written in a local news papper in Iceland called Frettabladid.
Icenews stated that finance minister Bos did not contact your finance minister etc. If you read Dutch newspapers or watch tv you might want to improve on this misleading information which was picked up here in Netherlands. ;)
Stork’s food systems unit was sold on in May 2008 to Marel Food Systems, an Icelandic firm controlled by Landsbanki Íslands and Eyrir Invest. (wikipedia)
/quote Circa 240 miljoen euro van de in totaal 2 miljard die Landsbanki (het moederbedrijf van Icesave) in Nederland ophaalde, is uitgeleend aan Stork Food Systems in Boxmeer /endquote
/translate Landsbanki (mother firm of icesave) has lend 240m euro to stork food systems. /endtranslate
This simply means that the overnight completely disappearance of icesave offices and money might not be so successful as some Icelanders might hope ,or Dutch are afraid of, in case of neglect of duties by Iceland or Landsbanki.
By the way who owns Icenews?
Some 600m E of Icesave’s money is owned to lower (Dutch) government, these might be willing and able to sue or confiscate assets which might be possible here.