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Latest Kaupthing Bank 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 15:00:03

Iceland's stock exchange halted trading Thursday after the government seized control of two more of the country's major banks. The government took over Kaupthing Bank, the nation's largest, and Landsbanki, which owns Icesave, a savings company with branches in Britain, the Financial Times reported. Last week, Iceland's government took over Glintir bank. The three moves have put the country's economy on the brink of collapse, the Times reported. On Wednesday, Kaupthing's Executive...

2008-10-09 12:00:02

By Nicky Burridge THE Government has taken steps to protect the nearly 500,000 UK consumers who have money saved with Icelandic banks. Chancellor Alistair Darling announced that no UK saver would lose money as a result of the closure of internet bank Icesave if, as expected, its parent company Landsbanki is declared in default. The Treasury has also arranged for more than Pounds 3bn of UK savers' money that is held with Icelandic banks to be transferred to ING Direct UK, a subsidiary of...

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 06:00:19

By Eric Pfanner and Julia Werdigier The government of Iceland on Tuesday took extraordinary measures to try to save a financial system battered by the global credit crunch, saying it had sought an emergency loan from Russia to stave off the threat of "national bankruptcy." As the credit crunch tightened its grip on this remote island country in the North Atlantic, where a debt-fueled boom has turned to bust, the government took control of a second major bank and pegged the krona to a...

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...

2008-10-06 00:00:13

By James Thompson * Germany's second-biggest lender in EUR 50bn salvage plan * BNP Paribas to take a majority share in Fortis GERMANY sent shockwaves through the European financial system yesterday when Chancellor Angela Merkel said that her government would guarantee all private savings accounts with immediate effect. The Danish government followed suit last night, becoming the fourth European country to announce that it would guarantee all deposits in its banks. The Irish government...


Word of the Day
abrosia
  • Wasting away as a result of abstinence from food.
The word 'abrosia' comes from a Greek roots meaning 'not' and 'eating'.