At a great loss

Because of lax rules regarding borrowing from the Central Bank, the banks used to have an easy access to money without any valuable collateral.

This is what Morgunbladid tells us today. The state had to pump over a hundred billion ISK into the Central Bank at the end of last year to keep it going. The outstanding debts amounted to 285 billion ISK according to the paper.

Of course the taxpayers will foot the bill.

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