Based on new legislation, the Icelandic financial supervisory authority (IFSA) has proceeded to take control of Glitnir Bank. The bank is now under the control of Arni Tomasson, accountant. David Oddsson said on behalf of the Central Bank of Iceland that the situation of Glitnir was far worse that forseen in an interview on the Icelandic national broadcasting service.According to the statement made by the chairman, Thorsteinn Baldvinsson, on Glitnir on behalf of the majority of the bank’s stakeholders, the actions of the Central Bank and Iceland’s Government had foreseen implications that contributed more than anything to the current situation that led to the bank crisis Iceland is now facing.
At the time the government and the Central Bank signed a declaration to Glitnir’s creditors under the title “The government of Iceland acquires 75% share in Glitnir bank” that the Central Bank on behalf of the Icelandic government would take over the debts of the bank and help it through this rough period.
John UK
After what the icelandic goverment has done to uk investors over icesave and other savings by not living up to there guarantee I relly pity the people of Iceland for they have probaly one of the most untrustworthy goverments in the world and by thier actions in the uk there will be no trust from any other country in the world your country is in a bad bad state