Latest Glitnir Stories

2009-10-02 09:16:18

Police raided two accounting offices in Reykjavik, Iceland, to find evidence of criminal action concerning bank collapses, a special investigator said. The office of special investigator Olafur Thor Hauksson said 22 police officers and six accountants raided the PricewaterhouseCoopers and KPMG offices, seeking evidence connected to the failures of Kaupthing, Glitnir and Landsbanki, all of which collapsed in 2008 as the global financial crisis began to unfold. The purpose of the searches was...

2009-03-26 08:26:04

Communication breakdowns in Britain resulted in millions of dollars in investments in Icelandic banks just before their collapse, a U.K. auditor said. A report issued by Britain's Audit Commission detailed the breakdowns, including the failure to read an e-mail message, which resulted in the Kent County Council investing $4.3 million days before the collapses began, The Times of London reported Thursday. Similar breakdowns resulted in $48 million in ill-timed deposits by seven councils, The...

2008-10-09 09:00:04

By Jane Wardell Associated Press REYKJAVIK, Iceland -- Iceland plunged further into financial turmoil -- and muddled into a diplomatic spat with Britain over its handling of the crisis -- on Wednesday as the country's third- largest bank went into receivership and the government abandoned attempts to put a floor under its free-falling currency. As increasingly worried Icelanders attended a protest concert in the capital's main square and reported problems withdrawing and transferring...

2008-10-09 06:00:19

By Eric Pfanner and Julia Werdigier Julia Werdigier reported from London. * The government of Iceland has taken extraordinary measures to stave off "national bankruptcy," as the credit crisis tightened its grip on this remote island nation in the North Atlantic. Banks in Iceland had propelled years of significant growth, lending so freely that their assets ballooned to many times the size of the country's economy. But now the boom has turned to a bust. In an effort to avoid...

2008-10-08 09:30:00

By Jane Wardell Associated Press REYKJAVIK, Iceland -- This volcanic island near the Arctic Circle is on the brink of becoming the first "national bankruptcy" of the global financial meltdown. Home to just 320,000 people on a territory the size of Kentucky, Iceland has formidable international reach because of an outsized banking sector that set out with Viking confidence to conquer swaths of the British economy -- from fashion retailers to top soccer teams. The strategy gave Icelanders...

2008-10-08 00:00:19

By Michael Savage For years, Iceland had enjoyed an economic climate more favourable than its weather. But the country was leaving itself bitterly exposed, reports Michael Savage in Reykjavik THE DAYS grow ever darker in Reykjavik. Gone is the almost eternal daylight, which washes across Iceland's capital in the height of summer. A darkening gloom arrives earlier each day now. An icy wind blows in from the east. Darkness will be a constant presence here soon as winter sets in. If ever...

2008-09-09 12:00:35

Glitnir, the leading provider of financing and advisory services to the global geothermal energy industry, announced today that it served as lead co-arranger with Morgan Stanley & Company Inc. for a US$180 million loan facility for Nevada Geothermal Power Inc. The loan facility, provided by TCW Asset Management Company, will be used for the first phase of construction of the Blue Mountain geothermal power plant, known as "Faulkner 1." The plant will have a capacity of 49.5 MW (gross) and...

2008-08-18 12:00:38

Glitnir, the leading provider of financing and advisory services to the global seafood industry, advised Seattle-based American Seafoods Group ("ASG") on the acquisition of the Alaskan Pollock assets of Yardarm Knot, Inc. Both ASG and Yardarm Knot operate in the U.S. Bering Sea. The acquisition of these assets by ASG will enable it to further its position in the dynamic and growing global seafood industry. Glitnir Capital Corporation's seafood team in New York acted as...

Word of the Day
  • A Roman unit of weight, 1⁄1728 of a pound.
  • A weight of four grains used in weighing gold and precious stones; a carat.
  • In anatomy, a formation suggesting a husk or pod.
  • The lowest unit in the Roman coinage, the twenty-fourth part of a solidus.
  • A coin of base silver of the Gothic and Lombard kings of Italy.
'Siliqua' comes from a Latin word meaning 'a pod.'