Foreign banks welcome

In November 2007 the Financial Authority saw that Glitnir had 43% of their money-market funds invested in FL Group. Instead of punishing the bank severely for going against the law, it was kindly asked to fix the funds.

A Kaupthing fund that invests 80% in foreign stocks is down 34% this year. This in a year when the USD and Euro are double what they were a year ago. What was the fund investing in?

The person overseeing the massive debts of the fishing industry within Landsbanki is also one of the owners of Deloitte in Iceland which is one of the largest accountants withing the fishing industry. The fishing industry is asking for massive write-downs of debts in foreign currencies.

So foreign banks are welcome in Iceland in 2009.


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