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Iceland passes law ousting its Central Bank Governor

Alston & Bird LLP
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Iceland
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February 26 2009

Today, Iceland’s Prime Minister announced that the parliament has successfully amended the Central Bank Act, which creates, among other things, stricter 'requirements concerning professional qualifications … for the appointment as Governor."

Iceland’s government takes control of Straumur-Burdaras Investment Bank

Alston & Bird LLP
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Iceland
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March 9 2009

Today, Iceland’s Financial Supervisory Authority (FME) announced that, because of "special circumstances," it has taken control of Straumur-Burdaras Investment Bank hf

Final settlement following the division of Landsbanki Íslands announced

Alston & Bird LLP
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Iceland
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December 19 2009

Yesterday, Iceland’s Ministry of Finance and the Resolution Committee of Landsbanki Íslands hf issued a joint press release regarding a final settlement following the division of Landsbanki Íslands, one of the largest banks in Iceland

Iceland voters reject Icesave amendment

Alston & Bird LLP
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Iceland, Netherlands, United Kingdom
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March 8 2010

This past Saturday, Iceland held its first referendum since the foundation of the Republic of Iceland to determine whether an amendment to the "Icesave Act " should stand or be repealed

Iceland’s president vetoes bill to repay U.K. and Netherlands

Alston & Bird LLP
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Iceland, Netherlands, United Kingdom
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January 8 2010

Citing public opposition to the bill, on Tuesday the president of Iceland vetoed legislation that would provide a state guarantee for repayment of approximately $5 billion of loans provided by the U.K. and the Netherlands governments to Iceland's Depositors' and Investors' Guarantee Fund, to fund payment of the minimum deposit guarantees to British and Dutch depositors in Icesave, the Internet unit of Landsbanki, which collapsed in late 2008 with the rest of the Icelandic banking sector

Special Investigation Commission issues report on Icelandic banking collapse

Alston & Bird LLP
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Iceland
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April 13 2010

Yesterday, the Special Investigation Commission (SIC) of the Icelandic Parliament issued its report on the causes of the Icelandic banking collapse

Talks between UK, Netherlands and Iceland on Icesave matter break down

Alston & Bird LLP
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Iceland, Netherlands, United Kingdom
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February 26 2010

Yesterday, the Government of Iceland announced that the latest round of talks with the Netherlands and the United Kingdom regarding the Icesave matter have "adjourned without a final resolution."

Iceland announces $2.1 billion bank recapitalization plan

Alston & Bird LLP
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Iceland
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July 20 2009

Today, Iceland's government unveiled a ISK 270 billion ($2.1 billion) recapitalization plan for its three leading banks, Islandsbanki (formerly New Glitnir Bank hf), New Kaupthing (formerly Kaupthing bank hf) and New Landsbanki (formerly Landsbanki), following government rescue of the commercial banks this past October

Iceland seizes Glitnir Bank; Kaupthing’s U.K. operations placed into administration; repercussions from Landsbanki failure spread

Alston & Bird LLP
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Iceland
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October 8 2008

One day after Iceland’s Financial Supervisory Authority (FME) seized control of Iceland’s second-largest bank, Landsbanki hf., it announced that it has also taken control of Glitnir Bank hf., the country’s third-largest bank

Kaupthing, Iceland’s largest bank, is nationalized; Lansbanki’s domestic operations transferred to newly created bank

Alston & Bird LLP
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Iceland
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October 9 2008

Today, the Icelandic Financial Supervisory Authority (FME) announced it has closed Iceland’s largest bank, Kaupthing Bank hf.” in order to “guarantee a functioning domestic banking system.”