PRESS RELEASE FROM THE ICELANDIC PM’S OFFICE:
The Coordination Committee which has the overall responsibility of developing, implementing and communicating a comprehensive strategy for bank restructuring published its first report today at a press seminar. Mats Josefsson, the Swedish expert hired to assist the government in addressing the banking problems, is chairing the Coordination Committee, The Committee consists of representatives from all relevant parties involved in dealing with banking issues.
The Key issues to be addressed by the government has been identified in a Strategy Note supported by all members of the Coordination Committee. The Note states that the problems that materialized in the banking sector in early October 2008 have affected every sector of the economy and that the problems will continue to affect the economy. On specific issues the following recommendations were made:
* that operating banks have to be operationally and financially restructured by the government
* supporting the corporate sector by establishing an Asset Management Company, in charge of restructuring larger companies of strategic importance to the Icelandic economy
* that the government takes on its role as the owner of banks and let the banks know it is no longer business as usual
* that banks should recognize the new environment and contribute and support the government in implementing its policy for economic recovery
* the set up of the legal and procedural framework for the resolution of the old banks
* to distribute the proceeds from the asset sales to the creditors in a fair, equitable and transparent manner
* to consider the set up of an independent holding company to manage the shares held by the government in financial institutions
* to develop a policy on future ownership of financial institutions, including a possible divestment of shares
* to have a regulatory and supervisory framework in line with best international practice
I won’t give much credit to the IMF…you know ;)
They might be really good. Like a good horseshoe maker. But how good would his advice be about steam locomotive or Land Rover? :))
And for sure – “classic” system of economy is broken. It’s not just the greed of bankers – they simply used the situation. Even those of them who understood what’s gonna happen thought like James Bond – “Die another day” :(
I also think that situation will get worse no matter what the results of election will be. But the main question is not about the government or parties coalitions. As you said – they don’t produce anything but people do. Everything is about people and their spirit!
And there will be a lot of frustration and even more frustrated ahead. And begging “Please save us”. But also there will be new people with new ideas. And unless I have no clue about Iceland and Icelanders – I’m sure people of Iceland will keep rowing! No matter what IMF thinks about it :)
Don’t be so hard on people. From the point of economy it might be better when some people do nothing at work as they might make more harm when they “work” ;)
PS. I hope I was staying with topic of the discussion only?
I agree with Fisy that the liberal approach was better than the left-green coalition but there is an elections ahead.
Still ieftist or rightist with IMF iceland is bound to the rules. So I think that the culture of the people of iceland will win in the end because it has western rational norms basically other than for instance emerging countries like Indonesia in the ninties for instance, but even they finally managed well more or less. I hope iceland will do at least as well as others did.
>We think that the new government will controle and en enforce a better policy. Ilana
If listen to Mats Josefsson and specific ideas next government might do okay but current one far worse than last coalition of Independence Party and Social Democrats.
Last one actually managed crisis with competence as report of IMF staff members show. They just not so good at public relations. This report not about current Red Green coaltion actions at all but last government of Geir and Ingibjörg Sólrún — which failed because Ingibjörg not keep hard left factions in party and other opportunists under control.
Dorry Ilana no chance of what you want with Socialist and hard left as by nature of fact they are socialists they have no clue about economics. Not one drop of sense in that. And proving it now.
You are completly right lets focus on the subject of the post.
>15 – 25 years ago you would go to a bar dressed as you wanted maybe with your construction work clothes and sit next beteen the mayor and a trash collector and there was no difference, and thats what we have to go back to, and excuse me but this was a very pecular thing of Iceland,
>it is in the last 15 years that they turned Icelanders into proud selfcentered, selfish arrogant people you can thank David Odsson for that. And anybody Icelander or foriner can’t deny this.
Rising tide has raised all boats. This stupid idea that all being equally poor good is nonsense.
What is critical of Davið policys is if specifically gave special rights and privileges to some and not others. But that is exact opposite of Davið ideas which is to recongize important facts that all people are not equal.
Some are better and more competent than others. And that they should be given opportunity to better themsleves.
Does government make anything? No it consumes. It is individual people actions that create things. This is why Davið policies popular and bring results.
It is shame what happeend with the banks happened but Iceland was already rich before that from policies since 1991. It was policies good for people.
Turn the clock back on that is most idiotic thing ever.
Special rights and priveleges given to government controlled monopolys and appointees all time until 1991 and look at what basket case Iceland economy was with inflation and all other ills before then.
I tell you outside Reykjavík 101 and snob banker bars which are a few and now history it is still how you say of going to bar dressed as you wanted with your construction work clothes and sit next beteen the mayor and a trash collector.
You are talking foolish if you think Icelanders suddenly become individualist in 2002 or even 1991. They always been so just they no longer have idiots statist government control of all in life.
They are still richer now than before even with kreppa. Kreppa turns clock back to 1997 not back to 1907 and this is temporary at least will be unless stupid socialist ideas dont freeze it in.
Gods sakes people not idiots and fools it was this poeple individual ideas and initiative that what got us rich not the banks.
@Easy “we have nothing spesial in this land we are not more or less than anybody else” This sounds like a defensive person that have given up. Absolutly every countries look at them self as something special, and I would not like to live in a country that do not support theis inhabitants.
If you would like to sell icelandic products/services abroad, do you then think that “we don´t have anything special to sell” is a good promotion.
When I go to a country, I look after what is special and positive. I have been on Iceland twice this year, and plan a longer trip later. Iceland have a lot to offer.
[…] isländischen Banken organisieren soll, hat seinen ersten Bericht veröffentlich, nachzulesen bei IceNews (auf Englisch). Kurzfassung: Der isländische Staat soll bei den Banken auch weiterhin die […]
This previous post was @ALEXANDER
Look if anything this crisis has work in my personal benefit in economical terms, my bussiness is fom Iceland to other countries, and I have been doing it for many many years, so I could even stop now and live a very confortable life, here or in another country, but its not about me or now, its about a hole nation and our children and grand children, so if you think that because you still have your 8 – 4 job (and clearly with no acces to a computer, so I’m guessing you are not part of that SUPEREDUCATED FORCE that will save us from misery, clearly you are the one frustrated because everybody has a computer at work but you weep, weep i wana cry)everything is going to be ok, you are completly wrong, and you are nothing but showing how ignorant you are, this is not about you or me its about the people that did nothing wrong and today they are just waiting for the moment when they will come and take away their car or belongings or kick them out of their hoses, I met jesterday a guy economic degree we use to chat on line very often, good frined, like you like to call them WELL EDUCATED FORCE, met him and ask him why I hevent seen him for a while on line, his answear was, “no I havent got a job for 3 months now and can not aforth the internet at home anymore” he was trying to sell me a palm phone because he needed some money, well educated with a degree in economics from an american university, GUS has been posting some very extream posts about people with no money or food to eat, and we all thought he is just an alarmist, this guy yesterday 35 years old WELL EDUCATED very very nice and honest person, a wife and 2 kids had no money to eat the rest of the month trying to sell a smartphone to get some money to buy food for his family, so just think about it, dont just open your mouth or in this case type whatever comes to your mind. Cheers.
I agree completely with Alexander about iceland.
We lost a lot of money because of the icelandic collapse of glitnir bank but we chose again for the new glitnir and we hope and thing that iceland has the culture and discipline to recover somewhat and maybe better than a lot of european countries
of the EU.
We consider the icelandic fall as a part of a global crisis and not as a fault particular to iceland.
We think that the new government will controle and en enforce a better policy. Ilana
Well, I don’t know what to say about the comments in this post. It went from banking all the way down to comments about the posters. About half the posts are no more than attacks on previous posters. Kind of hope the focus goes back to the original article at some point. Good luck guys.
@kevin oconnor waterford Ireland
You have more trees in Ireland. And they are BIGGER! :)
And one more note.
Except free publicity thanks to Mr. G.Brown there is nothing special in Icelandic crisis. Fall of krona? Let’s see…
36 per euro
25 per usd
45 per euro or 25% off
35 per usd or 40% off
And others are doing much worse. It’s not easy to see the dynamics of EU in this respect as 1 euro is still 1 euro there ;)
GDP? With a bank sector of several country’s GDP the decline in 10-15% is nothing indeed. BTW real sector and export still increasing!
So it might look very terrifying – a small boat jumping high on waves whilst big ships just swinging. But it’s easier to squiz our boat through tiny hole in the reefs where big ships hit them and… :(
So if the crew doesn’t panic and keep rowing – Iceland had better chances to make it to the hafn. So, kevinn oconnor – keep fokking rowing!
I am not sure on the origins of Easy, or if Easy is even on our planet.
I find him a distasteful worm who thinks the world owes him a living .
If he is Icelandic i must agree i think he feels like rich have sold his life down the river.
Although he as always probably been a looser .
NOW ,this is convenient because he has an excuse and somebody to blame.
I am NOT sure but i believe Easy as you put it- he sounds like Icelander “betrayed by his motherland”
I think that he’s jealous and hates anybody who has/had anything more or better than HE.
Also he thinks that everybody pretended to be superior to him (financed by credit and dodgy investment holdings of course) and and that we are all “capitalist pigs who ruined is life”
He talks about Icelanders are lazy and take the easy road.
BUT, mostly his posts are sent in the daytime.
my theory he (like most on this forum) post here in the daytime from their work office computer in company time on pay!
For me the many posters that post from their work computers in company time ON PAY, are just THEIVING time and payment from their jobs (which they are lucky to still have)
Hopefully the days of the “pro-surfer” as I like to call them are numbered.
We have to work this country back to stability, regardles of profession or degree, shoulder to sholuder, forgetting about superiority complexes and dereams of super educated force, this country was not build by an educated force it was build by simple uneducated hard working people, well read by the way, mostly self tought, with a desire to get a better nation and life, not with the desire to bee very important and cool, and as long as people keep on thinking like alexander or fishy or ISK we are not going anywere, we have nothing spesial in this land we are not more or less than anybody else, we are just humans in a very miserable economical situation, from which we wont come out, unless we understan that we wont come out unless we accept where we are and we worl shoulder to shoulder togather, and forget about dreams, 15 – 25 years ago you would go to a bar dressed as you wanted maybe with your construction work clothes and sit next beteen the mayor and a trash collector and there was no difference, and thats what we have to go back to, and excuse me but this was a very pecular thing of Iceland, it is in the last 15 years that they turned Icelanders into proud selfcentered, selfish arrogant people you can thank David Odsson for that. And anybody Icelander or foriner can’t deny this.
If you mention that polish and lithuenians with University degrees working as cashiers, in a despective way, well yes thats exactly why this country is in this situation like this, for people like you, that values a person because his job or position, I was thought that ANY honest job is dignifying, now this people have to come here to work in this kind of jobs because, their countries economy is just like, this countrys economy now, wel not as bad. so give it time, and I’m talking about months not years and you will see people here with university degrees working as cashiers and in construction at nights, which by the way is not a shame to do it, but as long as we have people that think like you in this country( by the way you clearly came to this country scapeing from missery somewere else and found paradise)that came here and now they can buy a phone and a car and be respected, and because of that now they feel above, cashiers and construction workers, we will not go anywere, and onfortunatelly that thinking was fed to Icelanders in the las 15 yeras, and super Iceland super viking, 20 yeras ago, people in Iceland didnt think abou what car you drive or how nice and big was youe house, Lada was a very popular car and nobody cared about it, working in constructiuon or in a supermarket didnt matter at all it was a job, and by the way well paid, clearly it matters for you, so you clearly dont know anyting about this country you just came and got impressed by the shiny cars and flashy ligths, and clearly brought the hole family (of course everybody wants a better life) so you are speaking of yourselfe in your post of “betrayed by the land of easy life” but now you will have to ither work this kind of jobs or go back to your country to do the same.
Go easy on GUS he has great sense of humor he is the nummer eins poster.dont worry Icelanders Reykavik-on-the-Liffey is catching up with you,whats the difference between Iceland and Ireland apart from volcanoes ?
Answer 1 letter and 6 months !!
Could you give some tips about Easy whereabouts or origin? Sometimes he sounds like Icelander “betrayed by his motherland”. Sometime he sounds like foreigner from East Europe “betrayed by the land-of-easy-life”. But in both case he hates Iceland for same reason – he didn’t get here what he expected to be gifted just because he came here. So I understand his frustration. And his experience with cashiers in the store.
Of course Polish and Lithuanian cashiers with university degrees in their 30-s and 40-s are much better in calculations than 14 years old local kids. Hard to argue about that.
And of course a person from Poland or any other place got offended that he had to work night shifts under the rain on construction site whilst his Icelandic bgigadir having coffee in the warm office.
And Easy is right when saying many Icelanders (younger ones) has little idea about real work. But I doubt their counterparts in other countries have better idea about work either. They are good at Facebooking and iPoding – but that’s easy to fix. Doesn’t require LONG-LONG time as Easy thinks. I can teach anyone how to work hard in one week ;) Might be a good idea – to start courses “Learn how to work in hard way or die” :)))
I’ve been working since 15… and still working…and never counted hours – “The job must be done” is the only rule.
My kids have started working here from the first week of arrival (son was 13).
And except few Icelanders that I know – the rest could say the same.
As to education – I can tell with full honesty it’s not Icelandic unique feature. European education system sucks… I just compare how I was taught in “totalitarian” Soviet university and how my daughter is learning. OMG is the best words… But as I said – this is not an Icelandic only problem. And it doesn’t stop smart people to learn. If you think you deal with morons most of the time – maybe something wrong with you?
So low you tone… as so far Icelanders were able to run the country much better than many, many others… And taking into account the number of people living here – it’s really miracle.
Yes, keep on dreaming, If you want to fix this contry you have to work, but really work 9 -10 hours a day, not 9 – 10hrs. with like 3 or 4 of lunch, coffee brakes, cigarret breakes, phone calls, you think you can get away with easy life easy money? clearly not. so the only solution for this country once it has join some other country or UE, is hard hard work, but first you have to learn how to work hard, cuz the people who knew how to do it era loke 80 years old, or death now, they knew how to work, they build this country up, now you have to learn how to work again and that will take two things, one: willing to learn and accept that you have to learn hwo to work again, and two: TIME, alot of TIME. And clearly for the bunch of retards well educated force you have in power, and I’m talking about the old and the new ones too, its goiong to take a while. well educated force!!! where? the well educated live abroad.
Beware, maybe Easy will team up with GUS to attack your posts.
Together they are quite a force and have the combined IQ of a retard!
p.s At least I for one enjoy your posts that challenge the opinions of the “morons”
You better go home and enjoy your life there. What the heck are you doing here, in Iceland, the land of farmers and fishermen? Come for easy life? What a moron…
What well educated force, just look how well educated, that they didnt know 2 + 2 and they took the hole system down in a couple of yeras, this nation can not do ANYTHING but farming (barley) and fishing, 100% of doctors, work with their book in hand, “doctor i feel sick, -tell me what you feel, I feel this and this and that, -let mee chek in the book, ok, now the bademecum, ok, yes take this” men you dont even know how to hold the fork and the knive to eat, cant even hold your farts from blowing them in public in the middle of a meal, burping in the middle of a bussiness dinner, men and women spiting in the middle of the street, where people go to shcool just so they dont have to work, and a 5 is a passing grade, they just do the minimum get a 5 and skip going to work, and get a loan to “study”. when yo go to a shop get charged 415kr you pay with a 500 and give the clerck 15kr extra for the change and they can not calculate its a 100 back, so they open the register give you 85 and give you your 15 back (every time)unless you get a polish or a lithuanian, then you inmediately get a 100 coin back, when you buy 12 liters of milk and they beep each and every one of them insted of beeping one and punch X 12 in the register (again unless you get a polish or a lithuanian)if we had such a well educated force this would had not happened, this is real prove that iceland has no hig standard of education, and the fact that 4 months later still we dont have an aconomic recvery plan, conffirms it even further. Stop dreaming. Just because people go tu university doesnt mean they wnet to a good one and got well educated and prepared.
Iceland is moving towards economic recovery with multilateral assistance from the International Monetary Fund playing a key role. Iceland’s clean energy, its marine resources, strong infrastructure and well-educated workforce, provide a firm basis to overcome the current economic difficulties and implement necessary reforms.
not everything is bright in this country, but we have some of this pros, no one says its gone be easy and gone take some time to people start to trust in iceland banks.
but we have to move on and stop complaining about the past, sad to see that there is more people happy to see the end of modern iceland.
To CRY LOUD you have to cry loud dont be stupid, you can not cry loud by typing, so if some nerd some where some day decided that caps hurted his ears, he most be an idiot because you can not hear letters and it doesnt mean you have to follow, so stop bulls@@ting about it, if you are so clever, tell me where are this rules writen, in what encyclopedia, what history book, when was this “rule” been created and made official, the fact that some forums have some idiots that belive that, doesnt mean that its a universal reallity, please!!! so if I write with very small fonts, am i wispering? or if I write with red color, am i bleeding? or if I write with blur grey, am i invisible? really, what a LOOSER.
Vilhjalm of Norway wrote:
>bank restructuring [aim] (apart from establishing a working internal Icelandic bank system) is to screw the foreign creditors and dump the losses on them, mainly by moving the good assets to entities controlled by the Icelandic government and moving the bad assets to entities “owned” by the creditors. The government can’t say that publicly, can they?
Not exactly. Not at all. You have bad thoughts in your head Vilhjalm. Go out and walk or ski or something to clear head body mind and souel.
Aim is to give bonds from new banks to old banks to cover loss. It not bad structural idea for obvious bad bad situation.
This banking law was worked on for some times by commmitte before crisis as continengcy and shows it in details. Problem is work not seem to be done since.
>It was also not polite to get into someone discussion. I’m just pointing out that using CAPITAL LETTER in posts is considered as CRYING LOUD. And it’s not a good manners to be so loud in the public place
Gus is lying about reason for it before. His first posts last year were not all in CAPS.
STOP GUS OR WE WILL ALL START DOING SAME THING.
Moderators, it is end of joke about this bad posting by Gus it is getting good posters to leave discussion.
>* that the government takes on its role as the owner of banks and let the banks know it is no longer business as usual
Temporary ownership lets hope.
Swedish experience close enough to Icelandic 2008 although solution of injecting insurnace cost 4% of Sweden GDP at the time.
I guess GUS is very capable of figuring out what do do with me and as such – doesn’t need your sovet.
It was also not polite to get into someone discussion. I’m just pointing out that using CAPITAL LETTER in posts is considered as CRYING LOUD. And it’s not a good manners to be so loud in the public place. But if GUS has some old primitive communication device – and I missed that moment – then fyrirgefðu.
As to your opinion about my “wake up” comment – I have to disappoint you. This is what my Icelandic friends think about situation. But if you don’t want to listen to people of Iceland and just came here to give them free advices – that’s fine. Free speech and all that… I understand ;)
PS. My daughter just came back from Haskoli Islands – everything there as usual. Teachers are teaching, lights are glowing…
So if you want to know anything else about what’s going on here – just ask ;)
I mean a guy who makes remarks like this:
This crisis is very good thing for the country and its people. It’s really a time to wake up otherwise they’ve started to relax so much that it looks like they were dead :)
Yeah it is really a good thing: people losing their money their hope, their future, the possiblitiy to give their children the best possible education….
please ignore Alexander. This guy who is some schoolboy posing as a russian know-it-all denies that the USSR violated human rights and occupied its members by force. He also believes that the present crisis in iceland is a great thing and that EU is worse than the USSR…not worth bothering with.`…too stupid.
Gus don’t you mean -89 BILLION EUROS, which is the actuall debt of the banks, goberment and recent loans to pay the british, dutch belgians,etc,etc.
COULD YOU PLEASE STOP POSTING RUBBISH IN CAPITAL LETTERS?
We hear you. No need to be so loud (well unless you use telex machine that has only one font)…
By rubbish I mean this statement
“AT THIS POINT IT IS GETTING ASAP IN THE EU OR STARVATION.”
that shows – you have no idea what you are talking about. Starvation!!!! LOL
Mats Josefsson not idiot and not had long in position but still solution needs to be drafted in detail.
Has talked of setting up funds to take some of the companies and assets that not likely to recover quickly — not go far as to call toxic assets i.e. these are ones that have trouble paying back loans and suppliers.
Wonder if Steingrímur behind trying to get something out of him quickly or not.
Have to agree with comments that Green-Reds like this changing horses in middle of the stream too much.
Let professionals do work. All this choppping off heads to be just seen to be making changes is just like how it is in socialist burecracies.
Is worst thing to have politicians doing this as no good man or woman put up with it and you not get good people in positions and all time wasted of new heads learning situation and employees learning how they are, etc.
AT THIS POINT IT IS GETTING ASAP IN THE EU OR STARVATION.
WHEN ICELAND STARTS TO RE-ESTABLISH THE OPEN AND REAL MARKET, THE KRÓNA WILL BE AT A VALUE AROUND 500-700 ISK FOR ONE EURO. AND THIS IS BEING TOO OPTIMIST AT THIS POINT.
THE ICELANDIC ECONOMIC RUIN HAS NOTHING TO DO WITH THE FINNISH EXAMPLE, NOR WITH ANYTHING SEE BEFORE. LETS SAY THAT ICELAND IS A NORDIC-SALAD VERSION OF THE ARGENTINIAN CORRELITO AND BANANA REPUBLIC SAUCE WITH A TOUCH OF NEO-COMUNIST PROCEDURE.
THIS IS THE POOREST COUNTRY IN EUROPE NOW. THE PROBLEM IS THAT WE DON´T EVEN NOW YET HOW POOR WE ARE.
THE ONLY CHANCE ICELAND HAS IS THE EU. IT IS THE ONLY WAY THIS COUNTRY CAN START A RECOVERY AND MAYBE SOME DAY BE AT THE SAME LEVEL THAT COUNTRIES LIKE SPAIN, FRANCE, ETC..
Álexander, you understand the siyuation very well!
The crisis in the world opened the Golden Eggs of which we were thinking we were in here in Iceland!
These eggs were all shrap!(just for some thieves from gold.Some of them left allready the country…..)
CADOR IS RIGHT.
ICELAND IS STILL FALLING DOWN. THERE IS NOTHING MORE ICELAND CAN DO AT THIS POINT BUT KEEP FALLING DOWN.
WHAT IS HAPPENING TO ICELAND IS CALLED TOTAL RUIN. ICELAND WILL HAVE TO START FROM 0. WELL, BETTER SAID FROM -10BILLION DOLLARS. AND A TOTALLY DESTROYED INDUSTRY AND ECONOMY.
IT IS MORE THAN CLEAR THAT THE CONFIDENCE IN THE ICELANDIC ECONOMY AND BANK SYSTEM IS NOT GOING TO BE RECOVERED IN THE NEXT MONTHS, NOT IN THE NEXT YEARS.
AFTER 5 OR 10 YEARS INVESTORS WOULD HAVE STARTED TO TRUST ICELAND AND SEE BUSSINESS IN THE COUNTRY. MAYBE ECONOMIC POSIBILITIES ARE NOT GOING TO BE ATTRACTIVE ENOUGH BY THEN FOR FOREIGN INVESTORS TO SHOW INTEREST FOR ICELAND.
ICELAND HAS A LONG AND HARD WAY AHEAD. ICELAND NEEDS TO REBUILD ITS INDUSTRY AND ECONOMY BY DIVERSIFICATING THE INDUSTRY. ICELANDIC GOVERN NEEDS TO DO GREATS INVESTMENTS IN NEW IDEAS FOR THE ICELANDIC ECONOMY. ONE OF THE STRONGEST FIELDS IS TOURISM.
Tim 66North. Be careful! You might be accused of calling Soviet Union back :) You know – government control, salaries set up by someone for you etc….
“to have a regulatory and supervisory framework in line with best international practice” is certainly something that no-one will disagree with,”
Physchim62. I think these days many disagree with “best international practice” as we know it. Unless you are talking about practice of Chinese banks? They didn’t fool people neither asked for “bail out”.
PS. Cador. Crisis did not started in October. It became impossible to ignore it in October ;)
Yes, the proposals are incredibly vague, and thus useless.
But bear in mind that the main point of the bank restructuring (apart from establishing a working internal Icelandic bank system) is to screw the foreign creditors and dump the losses on them, mainly by moving the good assets to entities controlled by the Icelandic government and moving the bad assets to entities “owned” by the creditors. The government can’t say that publicly, can they?
Tim 66North said
“Well, the banks are now owned by the government. I would really like to see somebody stepping in and cutting the salaries to a level with other government offices. These people are being paid by our taxes and the outragous salaries need to be addressed now”
The new Head bank managers of Landsbanki. Glitnir & Kaupthing
are now only paid around 1,700,000 isk a month now.(before taxes)
This is not so much really, Only around 8,000 Euro a month after taxes.
You have to think the previous Landsbanki head manager’s salary was around 30,000,000 (30 million) a month.
So i think this is a very substantial difference don’t you?
How much do you think head bank managers of other countries are STILL paid?
Agree with Cador, these recommendations are remarkably vague. “to have a regulatory and supervisory framework in line with best international practice” is certainly something that no-one will disagree with, but how to get there is another matter, just to take one example.
The crisis started in October. We are now in February and the best experts are stil defining the frame of what should be done and how it should be done. Are we ever going to consider doing something and take some black & white decisions? Good luck from France.
Well, the banks are now owned by the government. I would really like to see somebody stepping in and cutting the salaries to a level with other government offices. These people are being paid by our taxes and the outragous salaries need to be addressed now. Every other government job has a pay scale based upon job and time served.