The biggest single claimant on the estate of Glitnir Bank is Burlington Loan Management from Ireland. The company is also among the biggest claimants at Kaupthing and is seeking roughly ISK 220 billion (USD 1.7 billion). Read the full story

Short trading by the banks against the Icelandic krona amounted to around ISK 1,000 billion (USD 7.93 billion at today’s rate) right before the banking collapse in 2008, according to economist Bjarni Kristjansson. Read the full story

Today, with the banks rather smaller than before, knowledge-based companies are again able to tap the talent which Iceland’s highly educated people have to offer. Iceland’s economy may be struggling, but regular Icelanders are finding new ways to innovate. Innovation centres have been formed in many towns and the low value of the Icelandic krona helps exporting companies. Read the full story

Kaupthing Bank loaned its staff a total of ISK 47.3 billion (in the region of USD 640 million at the time) solely to buy its own shares in 2006 alone. This comes from the tabloid DV newspaper which claims to have a complete copy of the Kaupthing 2006 loan book in its possession. The newspaper reports, among other things, that Kristjan Arason, then head of commercial banking was granted ISK 893 million in so called ‘bullet loans’. Arason is the husband of former Independence Party Minister of Education Thorgerdur Kartin Gunnarsdottir. Read the full story

Iceland’s Prime Minister, Johanna Sigurdardottir said today that the state should not stay in control of the banks a day longer than is strictly necessary for their reorganisation. A new parliamentary bill recommends that the state bank holding organisation be wound up after five years, as the banks should already have been re-privatised by that time. Read the full story

Certain Icelandic billionaires (and the odd millionaire) are accused of profiting personally from Iceland’s economic downfall through unlawful or shady means. Whether guilty or innocent, they have a lot to answer for; but have been largely silent and invisible for months. Read the full story

Former Prime Minister of Iceland, Halldor Asgrimsson said in an interview that the privatisation of the Icelandic banks was not the wrong decision. He said the biggest mistake made was not joining the European Union as he has always pushed for, although he admits a variety of factors got in the way. Read the full story

“The Kaupthing Resolution Committee will chase the bank’s money wherever we have to, whether it has gone to offshore companies or not. It makes no difference who is holding the funds,” Says Johannes Runar Johannsson, a Supreme Court barrister and member of the Kaupthing Resolution Committee.

His comments follow revelations that the Bank is chasing British businessman Robert Tchenguiz through the British courts, claiming GBP 180 million it believes Tchenguiz withheld following the sale of Somerfield supermarkets. Read the full story

Following the lead of many other countries around the world, Denmark’s government has agreed to extend a 100 billion kroner (USD 17.8 billion) credit line to the nation’s banks. The new bill will be presented to parliament this week, where it is expected to speedily pass and come into effect in February. Read the full story

Icelanders need to establish unity on the issue of future measures to address the current financial situation. The social partners have suggested to the government extensive collaboration on measures to respond to the financial crisis. The Chairman of the Board of Directors of the Confederation of Icelandic Employers (SA), Thor Sigfusson, emphasised the importance of reaching agreements with Iceland’s neighbouring countries on the arrangement of the deposit insurance schemes at the Icelandic banks. Sigfusson also said the goal should be that the current creditors of the Icelandic banks become shareholders in the new state banks. Read the full story