In preparation for the unwinding of capital controls that have been in place since the 2008 banking collapse, Iceland’s central bank has started selling króna to secure sufficient foreign exchange as a buffer.
Archive | Finance
Overseas creditors might have to accept losses
Posted on 22 May 2013.
Foreign bondholders hoping to recoup their full investments in Iceland’s three collapsed banks will be eyeing the new government nervously. Anti-austerity election pledges have threatened to force accepted losses on them.
Posted in Finance, Iceland0 Comments
Swede’s faith in Euro hits rock bottom
Posted on 18 May 2013.
Troubles in Europe with the single currency have left a crisis of confidence as other European nations lose faith in ever adopting it as a currency. In Sweden a recent survey revealed just 9 per cent would welcome the euro in place of the krona.
Posted in Finance, Sweden0 Comments
Risk in removing Iceland’s capital controls
Posted on 15 May 2013.
Capital controls introduced in the wake of the 2008 financial crisis are becoming increasingly difficult remove due to the swelling amount of money held offshore, says an Insurance executive.
Posted in Finance, Iceland0 Comments
Kaupthing’s top bosses indicted over rigging
Posted on 21 March 2013.
Kaupthing bank that collapsed during the great meltdown of 2008, is now in the news for other reasons. Nine senior executives, including former executive chairman Sigurður Einarsson, have been charged in Reykjavik, for allegedly manipulating markets by using the bank’s own funds to buy Kaupthing shares in the hope of propping up its price.
Posted in Finance, Iceland0 Comments
Straumur head fired over UK tax evasion report
Posted on 08 March 2013.
Pétur Einarsson, the head of Reykjavik-based investment bank Straumur, has been dismissed following the release of a report stating that he evaded paying taxes in Britain whilst serving on the board of failed London investment firm Cbridge Ltd.
Posted in Economy, Finance, Iceland0 Comments
Kaupthing issues first international bond since banking collapse
Posted on 04 March 2013.
Reykjavik-based Arion Banki, formerly know as Kaupthing, has issued its first international bond since the Iceland’s financial collapse in 2008. Höskuldur Ólafsson, chief executive of failed Kaupthing bank, said in an official statement, “I think it is safe to say that it represents an important milestone in the regeneration of the Icelandic economy.
Posted in Finance, Iceland0 Comments
Fitch upgrades Iceland’s credit rating
Posted on 21 February 2013.
Fitch has further upgraded Iceland’s sovereign credit rating amid the country’s ongoing economic recovery. The agency announced last week that the island-nation had achieved a BBB rating
