|
Banking In Iceland
Banking in Iceland faced a crisis in 2008, which resulted in the government taking over three of its largest commercial banks. The short-term liabilities of Icelandic banks in proportion to Iceland's GDP are 211%, as of 11 October 2008, or 480% of the country's national debt, and the average leverage ratio (assets/net worth) is 1 to 14. History Icelandic financial crisis In 2008, Iceland's three major privately owned commercial banks defaulted. Major Banks Central Bank * Seðlabanki Íslands Major Commercial Banks * Landsbankinn * Íslandsbanki * Arion banki * MP banki Investment Banks ALMC hf ALMC hf., formerly Straumur Investment Bank hf. ( is, Straumur Fjárfestingabanki), is a regional investment bank headquartered in Reykjavík, Iceland. Founded in 1986 as ''Hlutabréfasjóðurinn'' and rebranded as Straumur in 2004, the bank in ... See also * 2008–11 Icelandic financial crisis References {{iceland-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commercial Bank
A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with corporations or a large/middle-sized business to differentiate it from a retail bank and an investment bank. Commercial banks include private sector banks and public sector banks. History The name ''bank'' derives from the Italian word ''banco'' "desk/bench", used during the Italian Renaissance era by Florentine bankers, who used to carry out their transactions on a desk covered by a green tablecloth. However, traces of banking activity can be found even in ancient times. In the United States, the term commercial bank was often used to distinguish it from an investment bank due to differences in bank regulation. After the Great Depression, through the Glass–Steagall Act, the U.S. Congress required that commercial banks only engage in ba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commercial Bank
A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with corporations or a large/middle-sized business to differentiate it from a retail bank and an investment bank. Commercial banks include private sector banks and public sector banks. History The name ''bank'' derives from the Italian word ''banco'' "desk/bench", used during the Italian Renaissance era by Florentine bankers, who used to carry out their transactions on a desk covered by a green tablecloth. However, traces of banking activity can be found even in ancient times. In the United States, the term commercial bank was often used to distinguish it from an investment bank due to differences in bank regulation. After the Great Depression, through the Glass–Steagall Act, the U.S. Congress required that commercial banks only engage in ba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Seðlabanki Íslands
The Central Bank of Iceland ( is, Seðlabanki Íslands) is the central bank or reserve bank of Iceland. It has served in this capacity since 1961, when it was created by an act of the Alþingi out of the central banking department of Landsbanki Íslands, which had the sole right of note issuance since 1927 and had conducted only limited monetary policy. Seðlabanki Íslands is owned by the Icelandic government, and is administered by a governor and a seven-member supervisory board, elected by the country's parliament following each general election. It has the sole right to issue notes and coins of Icelandic krónur and to manage the state's foreign currency reserves. The Central Bank Act of 1986 eliminated the ability of the Central Bank to regulate the interest rates of commercial banks and savings banks. Though nominally independent, the Central Bank of Iceland was historically expected to follow the lead of the central government. In 2001, however, a floating exchange ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Landsbankinn
Landsbankinn (literally "the National bank"), originally NBI hf., is an Icelandic bank headquartered in Reykjavík. It was established in 2008 by the Icelandic government out of the domestic operations of its predecessor Landsbanki which failed during the 2008–2011 Icelandic financial crisis. It is the largest bank in Iceland and the history of its predecessor goes back to 1885. In 2022 the bank had 35 branches around Iceland. The bank has around 39% market share in the retail market and around 34% in the corporate banking market (2022). History NBI hf. was created 9 October 2008, after the government had taken control of the insolvent Landsbanki two days earlier and decided to split all domestic operations into this new surviving version of the bank, while leaving the remaining foreign operations of Landsbanki for bankruptcy and winding-up proceedings. The total assets value declined roughly to a third for the new bank, when comparing to the previous size for the old version ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Íslandsbanki
Íslandsbanki is an Icelandic bank with roots tracing back to 1875, formerly being the domestic part of Glitnir banki hf., but on 15 October 2008 being split from the bankrupt Glitnir and reestablished into a new independent bank. The sole operations of the bank is to manage a branch network in Iceland, with a 20%-40% market share across all domestic franchise areas. As of 2022, the bank has 12 branches around Iceland. First Íslandsbanki Íslandsbanki was originally created in 1990 through the merger of Alþýðubanki (Union Bank), Verzlunarbanki (Bank of Commerce) and Iðnaðarbanki (Industrial Bank). After its 2000 merger with FBA Icelandic Investment Bank, the bank was briefly renamed Íslandsbanki-FBA, but "FBA" was dropped from the name in 2002. In 2006, the bank again rebranded itself as Glitnir. Second Íslandsbanki The bank was re-established on 15 October 2008 under the name Nýi Glitnir ("New Glitnir") to take over the Icelandic operations of Glitnir banki hf., ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arion Banki
Arion Banki hf. formerly ''Nýja Kaupþing hf'' or ''New Kaupthing'' is an Icelandic bank with roots tracing back to 1930. The bank operates in the Greater Reykjavík area as well as in the largest urban areas around the country. In 2016 the bank had the third largest market share of the current accounts in Iceland (30%), behind Landsbankinn (36.1%) and Íslandsbanki (31%). The Bank has 21 branches all over the country and over 100,000 customers. History ''Nýja Kaupþing hf'' or ''New Kaupthing'' was established as a state-owned bank on the ruins of the Icelandic-based operations of the former Kaupthing Bank and placed in control of the old bank's domestic assets and liabilities. On 20 November 2009, New Kaupthing changed its name to Arion Banki. On behalf of its creditors Kaupthing, through its subsidiary Kaupskil, took ownership of Arion Bank on 8 January 2010. Kaupskil holds 87% of common equity and the Icelandic State Financial Investments (ISFI) 13%. Kaupskil appoints five ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MP Bank
MP banki was an investment bank in Iceland that operated from 2003 until 2015 when it became part of Kvika Banki. History The company was founded as MP Securities ( Icelandic: MP Verðbréf hf) in 1999 by Margeir Pétursson together with Sverrir Kristinsson and Ágústi Sindra Karlsson. They owned 10% each, while Margeir 80% shares. The bank received an investment banking license in 2003 and started to offered a comprehensive investment banking service. After the bank was licensed as an investment bank the name changed to MP Investment Bank ( Icelandic: MP Fjárfestingarbanki hf). In 2008, the bank received a commercial banking license and changed its name to MP banki. It became the only commercial bank in Iceland that did not collapse that year when the worldwide economic crisis hit the country. MP banki and Straumur Investment Bank ALMC hf., formerly Straumur Investment Bank hf. ( is, Straumur Fjárfestingabanki), is a regional investment bank headquartered in Reykjaví ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ALMC Hf
ALMC hf., formerly Straumur Investment Bank hf. ( is, Straumur Fjárfestingabanki), is a regional investment bank headquartered in Reykjavík, Iceland. Founded in 1986 as ''Hlutabréfasjóðurinn'' and rebranded as Straumur in 2004, the bank initially survived the financial turmoil in late 2008 but was nationalised by The Financial Supervisory Authority of Iceland (FME) on 9 March 2009. Straumur was the last of Iceland's four biggest banks to remain independent, during the financial crisis. In the summer of 2010, the bank had been rebranded as ALMC and owned by its creditors. The majority of ALMC's owners are international investors and financial institutions and independent from any state involvement. Before the collapse of the Icelandic banking system in late 2008 the company was mainly owned by Björgólfur Guðmundsson and his son Björgólfur Thor Björgólfsson. The latter was also the chairman of the board until the bank was temporarily closed by regulators in March 2009. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
