News Tagged with “Financial Crash”

Kjartan Bjarni Björgvinsson, director of the Special Investigation Commission of the Icelandic Parliament and  Finnur Þór Vilhjálmsson, who also works for the commission.

Serious fraud and deception of Icelandic Government in sale of Agricultural bank

29 Mar The Special Investigation Commission of the Icelandic Parliament released a report yesterday stating that they have proved that the Icelandic Government was deceived both before and after the sale of the Agricultural Bank of Iceland (Búnaðarbankinn) to German Bank Hauck & Auf­häuser.

The Arion Bank headquarters in Reykjavik.

Foreign investors buy 30% share in Arion bank

20 Mar Three hedge funds and Goldman Sachs have purchased a 30 % share in the Icelandic Arion bank. "The funds are betting on the bank and on Iceland. That's a powerful bet. Before the financial crash the bet was against Iceland so this is positive," said Financial Minister Benedikt Jóhannesson.

The Central Bank of Iceland building in Reykjavik.

Central Bank of Iceland concludes agreement with owners of offshore króna assets

12 Mar The Central Bank of Iceland has concluded an agreement with owners of offshore króna assets subject to special restrictions pursuant to Act no. 37/2016. Under the agreement, the Bank will purchase offshore króna assets from them in the amount of equivalent of close to 90 b.kr. at an exchange rate of 137.5 kr. per euro.

Prime Minister Bjarni Benediktsson, and Minister of Finance Benedikt Jóhannesson making today's announcement.

Iceland government lifts capital controls

12 Mar The Icelandic government called for a press meeting today at noon to announce that capital controls will be lifted as of Tuesday. New Rules on Foreign Exchange were published on the Central Bank of Iceland website today.

Black clouds on the horizon for Icelandic tourism?

“Iceland could be heading for another economic crash”

9 Dec Iceland could be heading for another economic crash if the Central Bank fails to take action to stop the strengthening króna affecting tourism.

Is the gap between Iceland’s rich and poor widening?

24 Oct The richest 10% of people in Iceland had almost 32% of all disposable income in 2015 – up from 27% back in 1977, according to a new report from the Icelandic Confederation of Labour (ASÍ).

Easier to buy foreign currency in Iceland from 1 January

14 Oct From 1 January next year, the general public in Iceland will no longer be required to produce proof of foreign travel abroad in order to withdraw foreign currency at banks.

Iceland is becoming a consumption-driven economy again, says Vilhjálmur Egilsson.

Iceland heading for “deep economic slump”

10 Oct A prominent Icelandic economist has predicted tough economic times ahead for Iceland, with the current tourism boom only going some way towards mitigating the effects.

Kaupþing.

Anger at six-figure executive bonuses

29 Aug Plans are afoot at Icelandic holding company Kaupþing to shower “key employees” with bonuses of up to ISK 100 million (approx. €765,000) each.

Bjarni Benediktsson, Iceland's Finance Minister.

“Iceland’s króna will never be a full free-floating currency”

25 Aug Even after capital controls on the Iceland króna have been lifted, it is unlikely that it will ever again be a full, free-floating currency, Iceland’s Finance Minister has admitted.

Governor of the Central Bank of Iceland Már Guðmundsson (left), Finance Minister Bjarni Benediktsson (centre) and PM Sigurður Ingi Jóhannsson (right) at yesterday's press conference.

New legislation to significantly relax Iceland capital controls

17 Aug PM Sigurður Ingi Jóhannsson and Finance Minister Bjarni Benediktsson announced the new plans at a press conference yesterday afternoon held at the Icelandic Ministry of Finance and Economic Affairs.

GAMMA's London office.

Icelandic bankers back in London

8 Aug GAMMA Capital Management Limited, an Icelandic financial firm, has received authorisation to operate and offer financial services in the United Kingdom.

Meet Iceland’s most implicated Panama Papers family

2 Jun Father-and-son team Björgólfur Guðmundsson and Björgólfur Thor Björgólfsson are linked to at least fifty of the offshore companies featured in the recently leaked ‘Panama Papers’.

Már Guðmundsson, Governor of the Central Bank of Iceland.

Iceland Central Bank eyes autumn for lifting capital controls

1 Jun Governor of the Central Bank of Iceland Már Guðmundsson has announced that “the objective is to be able to take decisive steps in lifting capital controls this autumn”.

Iceland passes new capital controls legislation

23 May The ‘offshore króna’ bill is the second stage of a multi-phase strategy to lift Iceland’s capital controls.

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Opinion

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