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The Icelandic financial crisis was a major economic and political event in Iceland between 2008 and 2010. It involved the default of all three of the country's major privately owned commercial banks in late 2008, following problems in refinancing their short-term debt and a run on deposits in the Netherlands and the United Kingdom.
Headquarters of the three banks that collapsed in the autumn of 2008. The following is a timeline of the Icelandic financial crisis which began in earnest in mid September 2008. The combined assets of the three largest Icelandic banks amounted to ten times the country's total gross domestic product (GDP) at the time of their collapse.
Spines of the report. Antecedents and Causes of the Collapse of the Icelandic Banks in 2008 and Related Events (Icelandic: Aðdragandi og orsakir falls íslensku bankanna 2008 og tengdir atburðir), better known as The Report of the Investigation Commission of Althing (Icelandic: Skýrsla rannsóknarnefndar Alþingis, or just Rannsóknarskýrsla Alþingis), and earlier referred to as a 'White ...
Iceland's catastrophic financial crisis got lost in the shuffle of the global 2008 collapse. A new book reveals that it may have been the most brazen scam of all.
Landsbanki (Icelandic pronunciation: [ˈlan(t)sˌpauŋcɪ], lit. ' National Bank '), also commonly known as Landsbankinn ([ˈlan(t)sˌpauŋcɪn], lit. ' The National Bank ') was one of the largest Icelandic commercial banks; it failed as part of the 2008–2011 Icelandic financial crisis when its subsidiary sparked the Icesave dispute.
In the event of bankruptcy of any Icelandic bank, the Icelandic guarantee scheme was responsible to repay the first €20,887 of savings held by private foreign individuals, with the foreign guarantee scheme's in other nations responsible to pay the remaining guarantee according to their rules; meaning that the Dutch and British state would pay ...
Banks that are not deemed too big to fail are failing fast -- the FDIC has overseen 52 failures so far this year. And one of the biggest causes of these failures is what's called Hot Money -- high ...
October 14, 2008: Having been suspended for three successive trading days (October 9, 10 and 13), the Icelandic stock market reopened on October 14, with the main index, the OMX Iceland 15, closing at 678.4, which was about 77% lower than the 3,004.6 at the close on October 8, after the value of the three big banks, which had formed 73.2% of ...