The Icelandic parliament’s long-delayed report into the collapse of the main banks has now been released to the public.
Sections of the report can already be read in English here.
A press conference is being held by the report’s authors and the leaders of the main political parties will comment of their initial reactions this afternoon.
Some early highlights from the report are that GBP 200 million was taken from Icesave in the UK to Iceland in the last weekend of March 2008 with the knowledge of the government and central bank. All the banks shorted the Icelandic krona in order to maximise their own profits. The banks loaned money to their owners with no security. Government since the crash is described by the report as lacklustre.
More on IceNews as it comes.
The 2,000 page report took 15 months to complete, despite an initial maximum time allowed of just 10 months. Committee members blame an underestimation of the size of the task for the delay.
Really… took 5 months longer their “Max.” Thumbs down.