Pall Hreinsson, chairman of the parliamentary investigation committee set up to investigate Iceland’s banking crisis, says he and his colleagues are very frustrated that their anticipated report has had to be delayed for a second time.
The Althingi report was set to come out on the 1st February, with expectations running high that it would be a major step towards working out what happened and, potentially, punishing those at fault. The committee now aims to finish its work before the end of February.
The report was originally supposed to be released on 1st November 2009; but was delayed until 1st February, and now once more, Visir.is reports.
Hreinsson explained that the committee’s work is taking longer than expected because they have been investigating more issues than initially expected. The parliamentary investigators have formally interviewed 150 people and held talks with nearly 300 people overall.
Committee member Tryggvi Gunnarsson told Visir that there is much more to the story than the leaders of Glitnir simply walking into the Central Bank of Iceland one day and declaring their bank was in trouble. The Committee needs to tease out all the details behind the story for parliament and the public, he said. Committee members believe no bigger investigation into a banking crisis has ever been carried out.
Gunnarsson added that the companies whose names appear most often in the story so far are mostly all already gone, or on their way out – bankrupt, in other words.
to ascertain the causes of this collapse if they believe the responsibility will be a help to those who have doubts, but also telling them to pay what the country will steal, I was out of work because of a corruption that is good pay in jail for life
If it’s taking this long to produce a report, it’s going to take decades to produce convictions. Time must progress more slowly in Iceland than elsewhere. Maybe that’s why Icelanders live longer.
An interesting glimpse of what we might see:
When asked about claims made by Arnold Schilder, former head of the inner supervision of the Dutch Central Bank, who said the Icelandic Central Bank had lied about the situation of Icesave, Sigfússon replied that there are many aspects of this case which cannot be used or discussed publicly because of their sensitive nature.
However, “I believe that shortly various information will come to light which will explain how difficult the government’s situation has been from the beginning of this case because of its prehistory. They will shed light on the context of things, for example explain why it would be risky for Iceland if this case would end up in court,” the minister said.
http://icelandreview.com/icelandreview/daily_news/?cat_id=16539&ew_0_a_id=357354
>If it’s taking this long to produce a report, it’s going to take decades to produce convictions.
I think you find that is not going to be case. Icelandic view is that politician and burecrat is held to higher standard behavior than normal people are.
For example I dont think that Björgvin G. Sigurðsson ( Minister of Business Affairs 2007-2009 ) is going come out of this well.
When you do have you HM Treasury people and G. Brown and Alist Darling being investigated in UK * at all * for they actions during same time then you can make force full point about this proceddure.
>Sigfússon replied that there are many aspects of this case which cannot be used or discussed publicly because of their sensitive nature.
It’s just nonsenses.
Just look through all of the documents released on island.is about the whole Ice Save negotiation process.
Steingrímur J. and Jóhanna is just looking to cover up they exterme incompetence in whole process.
Ministry of Economic Affairs, Reykjavik, Iceland
Nr. 2/2010
Press Release
Comment by the Minister of Economic Affairs regarding statements before a Dutch parliamentary committee
2.2.2010
Comments given in testimony to a Dutch parliamentary committee by a former official of the Dutch central bank contain grave allegations about the veracity of statements made by Icelandic regulators to their foreign counterparts prior to the collapse of Icelandic banks in the Fall of 2008.
In light of these statements Gylfi Magnusson, Minister of Economic Affairs, stated the following: „We take such allegations very seriously. One of the tasks before us is to understand whether false or misleading information was presented by the Icelandic banks, regulators and government officials to foreign regulatory agencies in the months leading up to the collapse of the banking system in October 2008.
To this effect a Special Investigation Commission (SIC) was established by Parliament in December of 2008 with a clear mandate to seek the truth relating to the events leading to, and the causes of, the downfall of the Icelandic banks. We hope that the SIC‘s forthcoming report will clear up these matters and deepen our understanding of how all parties involved could have reacted differently.
Parliament is currently debating a new bill of law on financial undertakings which will radically change the regulatory environment. In this new law we will take steps to ensure that the Icelandic Financial Supervisory Authority (FME) and Central Bank have access to more timely and accurate information about our new banks and other financial institutions and much stronger powers to act upon this information when serious problems arise.”