Access to foreign debt securities markets was a major source of development for Icelandic banks, especially in the period 2003-06. However, this source of financing began to run out, and foreign rating agencies expressed concern that the ratio of their loans to their deposits was low compared to other (foreign) banks.
Icelandic commercial banks (in particular, Landsbanki) reacted to this situation by accumulating deposits abroad. From the end of the third quarter of 2006 to the middle of 2007, Landsbanki's customer deposits tripled by almost 10 billion euros. This increase was mainly due to deposits in the British branch of Landsbanki, where the value of retail deposits increased from zero to 6.6 billion euros, while the value of wholesale deposits (in the British and Dutch branches) increased to 2.5 billion euros.
On October 3, 2008, the European Central Bank issued a demand for a deposit of 400 million euros for Landsbanki, and although this decision was later reversed, a banking panic broke out at the British branch, which required large amounts of pounds to be allocated.
On October 6, 2008, the Icelandic Parliament passed a law on the State of Emergency. According to this law, the Icelandic Financial Supervisory Authority (FME) was given extraordinary powers to establish control over financial companies and manage their assets and liabilities as needed. Moreover, it was decided that in bankruptcy proceedings conducted against financial enterprises, deposits would take precedence over other requirements. The government has stated that deposits will be fully protected at local commercial banks and savings banks, as well as at their branches in Iceland.
On October 6, Iceland's central bank rejected Landsbanki's request for assistance. As a result of the bank's failure to fulfill its obligation to provide funds in the amount required by the Financial Markets Authority, the British authorities closed the branch. The following day, the central bank of the Netherlands applied for the appointment of a liquidator for the Amsterdam branch of Landsbanki. On the same day, the Icelandic Financial Supervisory Authority suspended the work of Landsbanki's board of directors, assumed the powers of the shareholders' meetings, and, exercising its powers under the Crisis Act, appointed a dispute resolution committee to replace them.
Initially, the priorities of the stabilization policy were focused on ensuring the basic functioning of the domestic banking, payment and settlement system. In the first weeks after the bank's collapse, the Government of Iceland, in cooperation with the International Monetary Fund (IMF), also prepared an economic program, which resulted in the approval of Iceland's application for a two-year term on November 20, 2008. - $2.1 billion to strengthen Iceland's foreign exchange reserves.. Additional loans totaling up to 3 billion US dollars were received from other Nordic countries, as well as from some trading partners. Under the IMF loan, US$827 million was allocated immediately, and the remainder was paid in eight equal installments, subject to the successful completion of quarterly audits of the program.
According to the Crisis Law, three large commercial banks - Glitnir Bank, Landsbanki and Kaupthing Bank - were divided into "old" and "new" banks (including Landsbankinn). The Finance Minister established three joint-stock companies tasked with taking over the national operations of the former banks and appointed their boards of directors. The FME took control of the former banks, essentially distributing their internal assets and liabilities (deposits) to the new banks, which continued to conduct banking activities in Iceland. The supervision of the former banks was carried out by the relevant dispute resolution committees. Most of the foreign assets and liabilities were transferred to former banks, which were then subject to liquidation procedures, and all foreign operations were permanently closed.
Since the fall of 2008, a number of financial companies have disappeared from the market (in addition to the "former" large commercial banks Glitnir, Kaupthing and Landsbanki): Sparisjabanki slands (formerly Icebank), Reykjavik Savings Bank (SPRON), Sparisjur Mrasslu (Myrasysla Savings) Bank, SPM), VBS Investment Bank and Askar Capital Investment Bank. The activities of the Straumur-Burdaras Investment Bank and Saga Capital Investment Bank have also significantly decreased.
The Economic Stabilization Program, developed in consultation with the IMF, provides for a review of the entire regulatory framework for the provision of financial services and oversight to better protect against the outbreak of a financial crisis in the future.
In a 2010 referendum, Icelandic citizens rejected an agreed agreement for Iceland to return funds paid to foreign custodians by the Governments of the Netherlands and the United Kingdom. Avec le code promo 1xbet vous donne plus pour commencer. Votre bonus de bienvenue est fixé à 100% de votre premier dépôt, avec un plafond généreux de 130 €. Utilisez ces fonds supplémentaires pour parier sur les victoires de vos équipes préférées ou pour spinner les rouleaux des machines à sous les plus populaires.
