Prime Minister’s Office Press Release
The Icelandic government welcomes the report published today by the Special Investigative Commission of the Parliament on the causes of the collapse of the Icelandic banking system. Consisting of independent experts, the investigative commission was established by the Icelandic parliament in December 2008. The report is the first comprehensive analysis of the causes of the collapse of the three largest Icelandic banks in the midst of the global financial crisis of October 2008.
“This important report will enable us to look forward by understanding what took place here in the months and years leading up to the banking collapse. We now need to acquaint ourselves with the report in its entirety. Iceland needs closure in order to fully focus on and finish the reconstruction which lies ahead. I believe that this report with its difficult and painful truths is a crucial part of that process”, said Prime Minister Johanna Sigurdardottir.
“Mistakes were certainly made. The private banks failed, the supervisory system failed, the politics failed, the administration failed, the media failed, and the ideology of an unregulated free market utterly failed. This has called for a fundamental review of many elements of our society. In that respect, democracy, the rule of law and close international cooperation have been and will continue to be our strongest weapons.”
“Rigorous reform has already been implemented. My goverment has systematically introduced changes to legislation and working procedures of the overall government and its institutions, but also related to the media and political parties. The investigative report is a stern reminder of the necessity for continuing this work. Iceland´s fundamentals remain strong and we will overcome the present economic difficulties.”
The Icelandic government has appointed a commission of independent experts to make further recommendations as to how the government and governmental institutions should respond to the report. In the coming days, the government will carefully study the report´s analysis and findings, consisting of over 2000 pages, and make decisions accordingly.
A summary and excerpts of the report in English are available at: www.sic.althingi.is
A webcast and recording of the press briefing by SIC in English will be available at www.althingi.is.
Reykjavik, April 12, 2010
Enclosed is the Press Release in pdf. format:
PRIME MINISTER’S OFFICE
Stjórnarráðshúsinu, 150 Reykjavik
tel: 354 545 8400 fax: 354 562 4014
postur@for.stjr.is
www.gowernment.is
All it proves is that the banks, the Central bank, and senior members of the government were all in it together. Totally corrupt the lot of them.
“All it proves is that the banks, the Central bank, and senior members of the government were all in it together. Totally corrupt the lot of them.”
Add the newspaper owners, Icelandic businessmen and even journalists to that.
You cans see why the UK classified Iceland as a criminal organisation, its even worse than I thought.
A syndicated operation no insiders sees except outsider after the commission which was the day after. Pity.
You’d wonder about the stuff not written about that has not been part of the report.
Overall it looks a courageous report, a parliament forced to investigate the mess, probably the likes of this comission will not be set up to investigate the economic scandals in Ireland, Greece or the UK.
“Overall it looks a courageous report, a parliament forced to investigate the mess, probably the likes of this comission will not be set up to investigate the economic scandals in Ireland, Greece or the UK.”
Yeah, yeah change the subject.
There is NOTHING like the level of scandal in UK/Ireland as has been shown in this report. Massive loans to politicians? half the debt to the bank owners family?
UK and Irish banks made poor investments in private and commercial property and are now in state control and (UK at least) will return to profitability. There is a chance the Government will make a significant profits.
Iceland has been run by criminals and have destroyed the economy and currency; quite a major difference..
Peter London post :
>There is NOTHING like the level of scandal in UK/Ireland as has been shown in this report. Massive loans to politicians? half the debt to the bank owners family?
Be careful with sloppy posting of ” facts ” Peter London.
And also underplaying horror of UK situation under Mr Brown;
http://www.icenews.is/index.php/2010/04/13/reactions-to-iceland-banking-report/#comment-140799
Rowena Mason of Telegraph disagrees with you.
“18 months after the collapse, it seems the Icelanders are taking the consequences of their crisis seriously and putting some effort into finding out what happened.
There are signs that this parliamentary investigation report – also known as the Truth Report or the Black Report – will not be a whitewash.
.. I’d still like to see independent report, or series of reports, snooping into those darkest corners of the British banking system that are undeniably still in the shade and poorly understood by those politicians and taxpayers that stumped up the cash to bail them out.
Iceland may have failed in many ways, but at the moment, its efforts at catharsis are an example to us all. “
“Iceland may have failed in many ways, but at the moment, its efforts at catharsis are an example to us al”
Have a cream cake for making a British journalist happy, but I don’t think the comments were meant for Icelandic ears – they are an attack on Brown by a Conservative newspaper in the run up to the election. The British have almost zero interest in what Iceland is doing unless it can be used to score political points in the UK.
Well said Fisy!
Let envious foreigners laugh because greed, ignorance, nepotism, egotism, corruption, stupidity, narcissism, and incompetence sold the nation into debt slavery.
That’s not important!
The important thing is…
We can always criticize someone else.
Afram!
Gummi
This Althingi report is just the begining, there is much more coming soon, Iceland should set up a finacial fraud reserach academy who would analyse the information from our finacial and political system
and create a database who could be used by other nations with similar economies to identify and repair problems, before they become to big to repair.
Hey men well said
ther is total corruption. i red a good post that. here it is http://swhbp.co.uk/5-major-causes-collapse-of-icelandic-banks/
everyone should read it for more information about the subject.
Andy
It’s almost a year later, I think the worst has past.