According to RUV.is sources, the transfer of all customer funds from SPRON to New Kaupthing has now been completed. All assets are fully insured according to law.
SPRON debit and credit cards will continue to work and SPRON customers will have continued access to their online banking services for the next few days until their access to Kaupthing internet banking has been set up.
New Kaupthing is inviting SPRON customers with any questions to visit their nearest Kaupthing branch or call 444 7000. All SPRON branches are closed, except for the one on Borgartun.
Meanwhile, RUV.is also reports that Baugur Group’s declaration of bankruptcy was the final nail in SPRON’s coffin and Sparisjodabanki’s loans to the ‘old’ banks were the beginning of the end for that bank.
According to SPRON’s interim report from last autumn, interest and service charges came to 1,400 million ISK (USD 12 million) in the first three quarters of 2008. Operational costs were, however, 200 million ISK (USD 1.8 million) more. The bank’s capital position was around 13 billion ISK (USD 115 million) – but that included a six billion ISK (USD 53 million) loan from Kaupthing. As a result, six billion of SPRON’s assets disappeared with the fall of Kaupthing in October. That left seven billion. SPRON lent a lot of money to Baugur, meaning that Baugur’s recent collapse left SPRON with very little money left over, RUV.is reports.
The Financial Supervisory Authority (FME) took over the operations of SPRON and Sparisjodabanki on Saturday because neither bank had enjoyed the legal minimum capital adequacy ratio since October.
The Minister of Finance said that the state could lose as much as 180 billion ISK (USD 1.6 billion) in the process.
[…] From Ice News […]
[…] From Ice News […]
Fisy
I do enjoy your postings too. You have been able to put new things on the table in several discusions and the tenacity with which you defend your opinions is admirable.
Yet I do think these qualities deserve better causes than defending Oddson and the Independence Party but OK, that is your opinion.
Niels of Netherlands at least you take time to actually post something on topic each time. I do actually enjoy to see you posts.
>As for your opinion about Valur’s article in the R. Grapevine being subjective (off course it is) , do you think you are completely objective yourself in your postings on this forum ?
It pretty obvious what my ideas are because it drip from each of my post.
>I find it a bit curious that you always call opinions that contradict yours ‘biased’.
Dont mind you post opinion different from mine provided you make some backup of your reasons and facts — but dont misquote me.
Where do I “always” say that?
I am annoyed in the case of Íris and Valur article because they distort facts so much in way as I explain.
What I dislike here at icenews is growing lack of actually posting ontopic by many poster here. They drift off to ad hominem attacking and plain off topicness recently. Its very boring.
Good job, making this. See http://www.huffingtonpost.com/iris-lee/icelands-irreplaceable-ge_b_177663.html
Really?
Fisy how ignorant and blind can somebody be? rally!!!
+++++++++++++++
>Thx for posting this article. I find it really incredible that the ’sheriff from >Akranes’ only interviewed ‘at most 10 people’ and ‘did not see any reason for >further investigation’ . How is this possible ??
Because no one been pushing hard for this — particualrly not Jóhanna, and Steingrímur who after fire rhetoric gone silent now sitting in government.
+++++++++++++++
I am sorry Fisy but this does not seem a convincing reply to me. After all,the sheriff is supposed to be an independent and impartial investigator who should do his (important) work, regardless of the behaviour of the present or previous gov.
As for your opinion about Valur’s article in the R. Grapevine being subjective (off course it is) , do you think you are completely objective yourself in your postings on this forum ?
I find it a bit curious that you always call opinions that contradict yours ‘biased’.
+++++++++++++++++
Reason for Icelander to go to Iceland was to escape kings (taxes) and criminal. Decentralized power was the way here and there no executive branch government at all witch was completely unknown of in Europe at time — and it became badafter with voilence only after Christianty taken because of centralization of power that Christianty gave.
+++++++++++++++++
In my opinion Valur used the same argument in the article.
I do admit that I am not an expert in the history of icelandic privatizations but there are certain facts that make Valur’s arguments plausible to me:
-an unplanned side effect of the privatizationwas the arrival of a new class of ‘sharks’ , grabbing large parts of the newly privatized companies and founding new ones
-with some of them (especially Asgeir/Baugur) Oddson had a very bad relation
-there was a lack of competition on the local icelandic market
-prices were kept high artificially; do you think it is normal that icelanders had to pay 2 to 3 times more for daily groceries than us ‘poor’ EU citizens (in fact most prices are stil higher than overhere)?
>Thx for posting this article. I find it really incredible that the ’sheriff from >Akranes’ only interviewed ‘at most 10 people’ and ‘did not see any reason for >further investigation’ . How is this possible ??
Because no one been pushing hard for this — particualrly not Jóhanna, and Steingrímur who after fire rhetoric gone silent now sitting in government.
Witch is surprising.
Why is only one pushing hard for this independence investigations is Davið Oddsson?
Íris article is a good example of poor article writing where bias is so strong it discconnect reader from reaility of subject matter for time reading.
Valur also so blinded by his idioligy he skim over things he talk about. If case is so strong no need to misrepresent — unless of course write actually pig ignorant of subject and not interest to learn or he know history as he wants to write is not actual history as historians tell us about it.
Reason for Icelander to go to Iceland was to escape kings (taxes) and criminal. Decentralized power was the way here and there no executive branch government at all witch was completely unknown of in Europe at time — and it became badafter with voilence only after Christianty taken because of centralization of power that Christianty gave.
Valur history of privatlization idea of Davið also sound strange. Not sure he actually understand what Davið and other pushing for. Davið and others take over Independence party and make it electible after failures of centralize power monopoly etc. for most modern history Iceland.
If going to rip into people and ideas must get those ideas right — cannot attack if not to able to represent ideas correctly. Then cannot match ideas and words to actions to show why bad wrong hypocrit etc, and that is why articles like those ones just cannot be taken too serious.
(On same lines in other article by Íris it seem she does not even understand when quoting Milton Friedman he were talking about history of Iceland in free common wealth period 930-1262 not 1990s. With ignorance like this hard to take anything Íris write serious.)
The R. grapevine published an interesting article about icelandic economy thru the ages:
http://grapevine.is/Home/ReadArticle/icelands-1000-years-the-road-from-and-to-serfdom
>Wow you guys are funny, you think just because they get a loan other countries own the land. This hole situation is bad but noone tells Iceland what to do.
It’s that sort of attitude that provides the answer to Niels’ question “How is this possible”, IMO.
Icelandic independence may well be able to prevent a proper investigation of the corruption at the top levels. In all countries, patriotism has always been a good way to gloss over important questions.
Easy,
Thx for posting this article. I find it really incredible that the ‘sheriff from Akranes’ only interviewed ‘at most 10 people’ and ‘did not see any reason for further investigation’ . How is this possible ??
Everybody at least has a clue what has happened . There are clear directions for further investigations: billions have disappeared, managers plundering banks before they went bust; politicians covering everything up….but this guy sees no evil, hears no evil, speaks no evil. He is the perfect guy for the job (from the perspective of those who ruined the country).
I already was very sceptic when the big man from Akranes was named for the job but this even goed beyond my worst fears.
Asa Thanks >Easy< for the article, as the turmoil reins through her heart for family home. A turmoil that started May 2008, after a friend called her from california, and ask what was going on in Iceland and she say’s I don’t Know!!!. I now no that there is noone we can trust ever. That will ba a long time.
Wow you guys are funny, you think just because they get a loan other countries own the land. This hole situation is bad but noone tells Iceland what to do.
For those of you that belive that we have a new gobermet and the new prime minister is “wipping the kreppa real good” REad this article.
http://www.huffingtonpost.com/iris-lee/icelands-irreplaceable-ge_b_177663.html
This goberment is doing nothing but protecting the people that mande this mess, and makeing sure that the people that stays in power (most likely themselves)after the 25th of April will keep on doing the same.
Just for ones not knowing here is wherre 1 trillion fact come from
“Why are [people} not being told that a
single party owed one trillion Icelandic krónur to the domestic banking
system? And that includes only the three commercial banks; it does not
include savings banks, pension funds, or other debt, nor does it include
that same party’s foreign debt. Since the separation of the Financial
Supervisory Authority and the Central Bank, the Bank cannot gather
information about such things. It may not know them. But others know
it; there is no doubt about that. That a single party should owe the
Icelandic banking system one trillion krónur is difficult to apprehend –
so difficult that one is tempted to ignore it. But we must not turn away
from this fact. In other words, one party owed Iceland’s three banks one
trillion Icelandic krónur or more. This is more than the equity of all three
of the old banks combined. The bank directors who loaned their share of
that amount must have known that the total was because they considered
not only the credit they themselves extended; they examined documents
on collateral before granting their largest loans, or they could be
expected to do so. And the supervisory authorities must have known it as
well, and it must have required quite a stretch of the imagination to
conclude that this same party was unconnected to himself where these
loans were concerned. How in the world could this happen? What sort of
stranglehold did this party have on the banks and the whole system? One
thing is abundantly clear: if the banks’ foreign customers had been
aware of this, all transactions with the Icelandic banking system would
have ceased, and the banks would have collapsed as a result. Is it
possible that some public discourse would have taken place – about this
matter and others – if all of the free media (which is a contradiction in
terms in this context) had not been controlled by the owners of the
banks? And it has been disclosed that the new banks are continuing in
the same vein as their predecessors did: they are not forcing debtors who
owe more than a trillion krónur to the banking system to declare
bankruptcy, although they do so quickly and efficiently when the debtors
are Mr. Smith and Mrs. Jones, even though the Smiths and the Joneses
are now the banks’ owners once again.”
Davið Oddsson wrote that in speech 18 Novembmer.
>Meanwhile, RUV.is also reports that Baugur Group’s declaration of bankruptcy was the final nail in SPRON’s coffin and Sparisjodabanki’s loans to the ‘old’ banks were the beginning of the end for that bank.
So now we are beginning see the total debt that Jón Ásgeir had — its amazing amount. Looks more and more clear that he one with trillion kronur loans.
>The Financial Supervisory Authority (FME) took over the operations of SPRON and Sparisjodabanki on Saturday because neither bank had enjoyed the legal minimum capital adequacy ratio since October.
>The Minister of Finance said that the state could lose as much as 180 billion ISK (USD 1.6 billion) in the process.
!!!
here another idea, on este e.u. , on west america and china get vestmanneyjar.
well well these banks were highly leveraged as the country is so everything has crumbled bank for how long will the iceland govt control these banks thats another question.Icelanders should pray for pension funds coz if they collapse then its time to leave the country
HEY PEOPLE, LETS LET EVERYONE BE AS THEY ARE, IF CHINAPOWER WANTS TO REPEATEADLY POST SOMETHING, EVEN IF IT IS A SONG RELATED TO THE ARTICLE, IT IS HIS CHOICE.
LETS BE GENTLEMEN AROUND HERE OK??
WELL, I HAVE POSTED MY SOLUTION FOR ICELAND:
-DRAW A LINE IN THE MAP, FROM THE TOWN OF AKUREYRI TO THE SOUTH. THEN THE EU SHOULD GET EVERYTHING THAT IS AT THE EAST OF THAT LINE. IT IS GOING TO BE CALLED COMMON EU TERRITORIES.
OF COURSE THE OTHER HALF OF ICELAND WOULD HAVE TO PAY THE IMF LOANS AND OTHER DEBTS TO OTHER NATIONS, I HOPE THEY DON´T OW TO MUCH TO THE AMERICANS, BECAUSE THEY WOULD TAKE OVER THE COUNTRY IN NO TIME.
-AFTER WE TAKE THE PART OF THE COUNTRY THAT WE OWN. BECAUSE IT IS THE ONLY WAY THEY WE CAN POSSIBLY CASH IN WHAT THEY OW US. WE SHOULD BUILD A BARRIER. LETS BEAR IN MIND THAT THE OTHER SIDE, THE WEST SIDE, WOULD BE LIKE HAITI OR CUBA, TOTALLY IN MISERY WITH THE AMERICANS PLAYING POKER AND DRINKING WISKY. AND OUR SIDE WOULD BE RICH AND TECHNOLOGICALLY ADVANCED. WE COULD ALSO CREATE A SANCTUARY FOR THE WHALES AND THE POLAR BEARS THAT ARRIVE IN THE COUNTRY. AS ICELANDIC PROCEDURE IS: KILL THE POLAR BEARS AND WHALES…
SO YEAH, I JUST HOPE THAT THEY WILL HAND OVER THE DOCUMENT OF THE TREATY SOON… IF NOT I THINK ICELAND WILL FACE COMMERCIAL BOICOT FROM EU AND OTHER NATIONS…
THIS IS GOING TO BE WORSE THAN IN CUBA!!
@Silvia:
I see you start to make some sence, regarding to what’s next, well next the pansion fonds, and next the housing fonds and finally the krona, by then we will have no other option than joining the UE or some other country.
Why dont they just combine it into one big bank for all Icelanders: Kreppubanki. that way, we know its collapsed and all our money is taken away by the government for mandatory deposit. I am so lucky that I earn most my salary in GDP. Kreppaman has already taken my savings. What next? they gonna take my organs to pay for all these nationalisations? I am personally sick and tired of working the kreppa. Takk og bless.
it is called “forum-troll”-just ignore it.
Come on CHINA POWER say something else aport something to the posts, you just repeat end repeat the same in every post, are you retarded or what?
[…] From Ice News […]
Iceland should become part of china and increase chinese immmigration to iceland we can jump start your economy even the us has to ask china for help or use the china currency instaed of the worthless krona