An agreement has been reached that will put Islandsbanki 95 percent in the hands of Glitnir’s foreign creditors. Morgunbladid reports that the decision will be presented at a press conference later today. The Icelandic state will retain a five percent stake in the bank and will have one representative on the board of directors, according to the paper.
The report states that among the new owners will be banks from Japan, the UK and Germany. This stakeholder decision will ensure that the State’s capital contribution will be much lower than previously predicted and could allow ISK 40 billion of the state’s invested ISK 65 billion to run back to the treasury.
how about the proposed house/car loan reduction that was talked about at the end of September… and then it went all quiet again? If the state has only 5% stake from now on, will it be up to the foreign banks now to take off the “Verðtryggingur” and reduce the loans as they were at 1st of May 2008? Or was it just a false play by the Icelandic state? Promise to do smth in a month, and in the mean time change the owners of the bank and then “sorry, no can do”?