The Prime Minister’s Office has enlisted the services of Swedish banking expert Mats Josefsson, on a temporary basis. Mats Josefsson will succeed the previously appointed Ásmundur Stefánsson as advisor on rebuilding Iceland’s banking system.
His task is defined in Article 5 of Iceland’s agreement with the International Monetary Fund (IMF), which states: “We have decided on the organisational structure to resolve intervened banks and to transparently maximize asset recovery. Our strategy has developed in recent days. A well-reputed expert in banking was appointed to be in charge of managing the bank restructuring process. The expert reports to the Prime Minister and has overall responsibility for developing, implementing and communicating a comprehensive strategy for bank restructuring. A committee comprised of representatives from the Prime Minister’s Office, the Financial Supervisory Authority, the Central Bank of Iceland, the Ministry of Finance and the Ministry of Commerce has been established to co-ordinate policy input and will be chaired by the expert.”
Up until now, Ásmundur Stefánsson has performed this role but after his appointment as Chairman of the Board of Landsbanki, it was decided that he would no longer continue this task. During the period he has served in both capacities, care has naturally been taken to ensure that he did not have access to documentation concerning the other two banks. Furthermore, Ásmundur has provided overall co-ordination, on behalf of the Prime Minister, of the many working groups set up in the wake of the banks‘ collapse, serving as liason between them and with the PM and the Cabinet.
The Prime Minister’s Office expresses its sincere thanks to Ásmundur for his highly successful effort in difficult circumstances.
Mats Josefsson is an experienced banking specialist. For the past 13 years he worked for the IMF, before which he was assistant director of Finansinspektionen, the Swedish financial supervisory authority, and prior to that deputy governor of Riksbanken, the Swedish central bank. In directing banking supervision in Sweden from 1990 to 1994, during the Nordic banking crisis, he acquired uniquely valuable experience which will hopefully prove useful to Iceland in its current circumstances. Josefsson also played a major role in IMF efforts in both Turkey and Thailand following the banking crises with which those countries had to grapple in the beginning of this century.
Most Icelanders who have an ounce of sense and are not part of the elite/ clique are wondering the same things. What we need is new government, new central bank and to ban various “business men” from doing business in Iceland. The whole switching of the national ID needs to be banned also so that bankrupt companies can not switch their ID’s numbers and re-open without taking responsibilty for the previous company.
@Mike Smith…..Blagojevich was arrested Tuesday on federal corruption charges that allege, among other things, a brazen scheme to put Obama’s vacant Senate seat up for sale. No one should be above the law, but it seems some clowns up in Iceland are above the law, Nepotism is in the air amongst other things read the article below to see that these over-zealous clowns are playing the Icelandic Citizens like a game of Chess, and winning because it seems the citizens are mute!…and when a group of people finally protests the clowns then starts applying the nepotism card, and pout like douchebags.
http://www.icelandreview.com/icelandreview/daily_news/?cat_id=29314&ew_0_a_id=316915
Starlington,
At least one Icelander is asking exactly the same questions as you are. Read this article by Bjarni in Iceland Review Online:-
http://icelandreview.com/icelandreview/daily_life/?cat_id=16571&ew_0_a_id=316757
He’s not a happy chappie, especially with the economic/banking/political/media clique who seem to be clubbing together to do their best to ensure that whoever suffers as a result of the Kreppa it isn’t going to be them.
Has anyone in the Government not thought about adding a tax band so that those earning more than a certain amount are taxed at a higher rate? These people have profited from this mess, so this is an ideal way get them to contribute more to paying it back. Or maybe the ministers are too worried they will all fall into this tax band and end up paying for the mess!
Bernard Madoff, a quiet force on Wall Street for decades, was arrested and charged on Thursday with allegedly running a $50 billion Ponzi scheme in what may rank among the biggest frauds ever. Who investigates the fraud in the Icelandic banks?…all they do is to appoint new clown after the other, even when IMF gave them the loan they requested for does not make these self-centered clowns that messed the whole show up to be above Justice system if there really any in this case.
I lost too much money ,, and I have lost confidence in the Icelandic banking system, what is the guarantee that this is the end of the mess they have in stock?….What if IMF refused to grant the loan?….where is the Justice system to Investigate this mess?…everybody can’t Just be mute on this and allow the over-zealous clowns to play with bankers money and go away with all pleasure,!
Erm, shouldn’t the Icelandic government have appointed a banking expert several years ago? Instead of a clown in charge of the central bank and a ventriloquist’s dummy as Prime Minister?
http://www.flickr.com/photos/hermannhaf/2916028427/
At what point is the line drawn, and people realize that no one will be able to pay the debt and eat.
When does indexation & inflation is way way to much?
When is enough enough?
I’m surprise the krona is still worth anything, with their top 3 banks bankrupt and the same clowns/criminals still in office running the circus.
What Iceland needs to do is adopt new people to run the government. Now they want Icelandic taxpayers to pay their debt, even thou they have enough money to pay most of it. I guess bankers/politicians couldn’t afford their salaries & lifestyles if they paid what they owe with the money they stoled. God bless all honest hardworking taxpayers.
How in the world will he be able to produce the information required for continued support of Iceland in the IMF? Too many players, too few real experts, too little time to prepare.