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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.
Icesave logo. The Icesave dispute was a diplomatic dispute among Iceland, the Netherlands and the United Kingdom.It began after the privately owned Icelandic bank Landsbanki was placed in receivership on 7 October 2008.
November 20, 2008: Iceland obtained an emergency loan from the International Monetary Fund after the failure of banks in Iceland resulted in a devaluation of the Icelandic króna and threatened the government with bankruptcy. [162] November 25, 2008: The Term Asset-Backed Securities Loan Facility was announced. [163]
October 21 - Iceland's Kaupthing Bank fails to pay interest to its 50-billion-yen (US$493 million) bondholders in Japan. October 29 - Danish-based low-cost carrier Sterling Airlines files for bankruptcy and stops all passenger flights after its cash-strapped Icelandic investors were unable keep the company afloat.
Kaupthing Bank (Icelandic: Kaupþing banki, pronounced [ˈkʰœyːpˌθiŋk ˈpauŋcɪ]) was a major international Icelandic bank, headquartered in Reykjavík, Iceland.It was taken over by the Icelandic government during the 2008–2011 Icelandic financial crisis and the domestic Icelandic-based operations were spun into a new bank New Kaupthing, which was subsequently renamed Arion Banki.
Aloha ceased service in 2008 after seeking bankruptcy protection twice in five years. The shutdown of the airline, founded in 1946, resulted in 1, 900 employees losing their jobs.
On 28 October 2011, the Supreme Court of Iceland ruled, that the UK FSCS and the Dutch DNB combined deposit repayments of respectively ISK 852.1bn (£4.459bn) and ISK 282.3bn (€1.668bn) should be repaid by the Landsbanki receivership as "priority claims" pursuant to Article 112 of "Act No.21/1991 on Bankruptcy", and noted these mentioned ...