In the long run it would have been better to stick with the KAUPTHING brand, sort out the problems and rebuild slowly.

In time, as with other banks that have run into difficulties: RBS, Lloyds etc, the name would be rebuilt and the bank could then reflect on its long established history. This way the Kaupthing Brand will remain forever a black mark on the history of Icelandic banking….

Arion : “Avoiding Responsibilities Is Our Nature”

… Iceland should not be allowed to operate any international banking operations until they have sorted out the mess they created. It may not fall to Iceland to provide money to directly compensate international depositors such as those in KSFIOM but they should surely be at the centre of an effort to see justice done and to see compensation administered. To me it seems all they want to do is walk away from their debacle and pretend everything has changed. Try telling that to all those who’s savings just disappeared in Oct 2008 and have never been returned.

Shame on Iceland. Grow up and sort it out.

I only ask because it was implied on another site that it might not be as easy as that. Not that being declared bankrupt is ever easy, but you get my meaning.

Also, can a bankrupt be a director of a company?

There is always a catch, i should have known this is just another attempt to rip people off,
Íslandsbanki is now owned by foreign investors,
there is very little difference between p**p and sh*t.

“The vast majority of Icelandic mortgage holders do not have foreign currency loans, some thing like 90%. the number of home owners who lose their home is likely to relatively small. The majority of car loans are foreign currency however; better to lose a car rather than a home…”

The number is higher than that, i think its closer to 20%, some 600 homes are in a “frozen auction process”, it ends March 1st, most likely 600 families will loose their homes and be bankrupt, this is only the begining,

you are right about the car loans, but in Iceland the creditor has all the right on his side, so if you cant pay off your car loan he will take your, lets say 2 mil kr car, sell it to himself for 500k and the 2 mil loan who can be 4.5 mil today drops to 4 mil, then he takes your house, so everything you own and future earnings are the guarantee for the car loan, even thoug the car is the only collateral on the car loan, this is how things work in Niceland.

I have decided what i want for Christmas,
a nice blood splattered heads-rolling revolution where fires and molotov coctails replace the traditional lighting and a heavy razor sharp sword that can cut a fat banker in half in one blow both verticaly and horizontaly.

“I would like to deposit in an Icelandic Bank that is guided by the values of professionalism, ambition, concern for others and loyalty, with the customer in the foreground at all times.”

“I would like to deposit in an Icelandic Bank that is guided by the values of professionalism, ambition, concern for others and loyalty, with the customer in the foreground at all times.”

Nope – it’s not working. How many times should you repeat the phrase?

Arion != Kaupthing.

Arion = New Kaupthing.

Assuming that the emergency law holds and that this old/new distinction is retained, your (or PwC’s) dealings will be with Kaupthing hf. Arion is important, because the larger the bond/other assets that they give to K.hf, the more money K.hf has to dish out to its creditors. One of which is likely to be the KSFIOM guarantee.

But that’s it.

@Jim

At least they’re honest :) . “You can’t say we didn’t warn you!”