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Depositors' And Investors' Guarantee Fund
The Depositors' and Investors' Guarantee Fund ( Icelandic: ''Tryggingarsjóður innstæðueigenda og fjárfesta'') is the statutory deposit insurance scheme in Iceland. It is established under Act No. 98/1999 on Deposit Guarantees and Investor-Compensation Scheme, which transposes European Union directives 94/19/EC and 97/9/EC into Icelandic law, in accordance with the decisions of the European Economic Area.Joint EEA Committee Decisions Nos. 18/1994 and 12/1998. See also * Icesave dispute The Icesave dispute was a diplomatic dispute between Iceland, and the Netherlands and the United Kingdom that began after the privately owned Icelandic bank Landsbanki was placed in receivership on 7 October 2008. As ''Landsbanki'' was one of ... References External links Official siteFinancial statement 2007 Banking in Iceland Deposit insurance 1999 establishments in Iceland {{iceland-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Icelandic Language
Icelandic (; is, íslenska, link=no ) is a North Germanic language spoken by about 314,000 people, the vast majority of whom live in Iceland, where it is the national language. Due to being a West Scandinavian language, it is most closely related to Faroese, western Norwegian dialects, and the extinct language, Norn. The language is more conservative than most other Germanic languages. While most of them have greatly reduced levels of inflection (particularly noun declension), Icelandic retains a four- case synthetic grammar (comparable to German, though considerably more conservative and synthetic) and is distinguished by a wide assortment of irregular declensions. Icelandic vocabulary is also deeply conservative, with the country's language regulator maintaining an active policy of coining terms based on older Icelandic words rather than directly taking in loanwords from other languages. Since the written language has not changed much, Icelandic speakers can read classic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statute Law
Statutory law or statute law is written law passed by a body of legislature. This is opposed to Oral law, oral or customary law; or regulatory law promulgated by the Executive (government), executive or common law of the judiciary. Statutes may originate with national, state legislatures or local Municipality, municipalities. Constitution, Codified law The term codified law refers to statutes that have been organized ("codified") by subject matter; in this narrower sense, some but not all statutes are considered "codified." The entire body of codified statute is referred to as a "code," such as the United States Code, the Ohio Revised Code or the 1983 Code of Canon Law, Code of Canon Law. The substantive provisions of the Act could be codified (arranged by subject matter) in one or more titles of the United States Code while the provisions of the law that have not reached their "effective date" (remaining uncodified) would be available by reference to the United States Statutes a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deposit Insurance
Deposit insurance or deposit protection is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due. Deposit insurance systems are one component of a financial system safety net that promotes financial stability. Overview Banks are allowed (and usually encouraged) to lend or invest most of the money deposited with them instead of safe-keeping the full amounts (see fractional-reserve banking). If many of a bank's borrowers fail to repay their loans when due, the bank's creditors, including its depositors, risk loss. Because they rely on customer deposits that can be withdrawn on little or no notice, banks in financial trouble are prone to bank runs, where depositors seek to withdraw funds quickly ahead of a possible bank insolvency. Because banking institution failures have the potential to trigger a broad spectrum of harmful events, including economic recessions, policy makers mainta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Iceland
Iceland ( is, Ísland; ) is a Nordic island country in the North Atlantic Ocean and in the Arctic Ocean. Iceland is the most sparsely populated country in Europe. Iceland's capital and largest city is Reykjavík, which (along with its surrounding areas) is home to over 65% of the population. Iceland is the biggest part of the Mid-Atlantic Ridge that rises above sea level, and its central volcanic plateau is erupting almost constantly. The interior consists of a plateau characterised by sand and lava fields, mountains, and glaciers, and many glacial rivers flow to the sea through the lowlands. Iceland is warmed by the Gulf Stream and has a temperate climate, despite a high latitude just outside the Arctic Circle. Its high latitude and marine influence keep summers chilly, and most of its islands have a polar climate. According to the ancient manuscript , the settlement of Iceland began in 874 AD when the Norwegian chieftain Ingólfr Arnarson became the first p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union Directive
A directive is a legal act of the European Union that requires member states to achieve a particular result without dictating the means of achieving that result. Directives first have to be enacted into national law by member states before their laws are ruling on individuals residing in their countries. Directives normally leave member states with a certain amount of leeway as to the exact rules to be adopted. Directives can be adopted by means of a variety of legislative procedures depending on their subject matter. The text of a draft directive (if subject to the co-decision process, as contentious matters usually are) is prepared by the Commission after consultation with its own and national experts. The draft is presented to the Parliament and the Council—composed of relevant ministers of member governments, initially for evaluation and comment and then subsequently for approval or rejection. Justification There are justifications for using a directive rather than a r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Official Journal Of The European Communities
An official is someone who holds an office (function or mandate, regardless whether it carries an actual working space with it) in an organization or government and participates in the exercise of authority, (either their own or that of their superior and/or employer, public or legally private). An elected official is a person who is an official by virtue of an election. Officials may also be appointed ''ex officio'' (by virtue of another office, often in a specified capacity, such as presiding, advisory, secretary). Some official positions may be inherited. A person who currently holds an office is referred to as an incumbent. Something "official" refers to something endowed with governmental or other authoritative recognition or mandate, as in official language, official gazette, or official scorer. Etymology The word ''official'' as a noun has been recorded since the Middle English period, first seen in 1314. It comes from the Old French ''official'' (12th century), from the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Economic Area
The European Economic Area (EEA) was established via the ''Agreement on the European Economic Area'', an international agreement which enables the extension of the European Union's single market to member states of the European Free Trade Association. The EEA links the EU member states and three EFTA states (Iceland, Liechtenstein, and Norway) into an internal market governed by the same basic rules. These rules aim to enable free movement of persons, goods, services, and capital within the European single market, including the freedom to choose residence in any country within this area. The EEA was established on 1 January 1994 upon entry into force of the EEA Agreement. The contracting parties are the EU, its member states, and Iceland, Liechtenstein, and Norway. The EEA Treaty is a commercial treaty and differs from the EU Treaties in certain key respects. According to Article 1 its purpose is to "promote a continuous and balanced strengthening of trade and economic relati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Icesave Dispute
The Icesave dispute was a diplomatic dispute between Iceland, and the Netherlands and the United Kingdom that began after the privately owned Icelandic bank Landsbanki was placed in receivership on 7 October 2008. As ''Landsbanki'' was one of three systemically important financial institutions in Iceland to go bankrupt within a few days, the Icelandic Depositors' and Investors' Guarantee Fund (''Tryggingarsjóður'') had no remaining funds to make good on deposit guarantees to foreign ''Landsbanki'' depositors who held savings in the Icesave branch of the bank. When ''Landsbanki'' was placed into receivership by the Icelandic Financial Supervisory Authority (FME), 343,306 retail depositors in the UK and Netherlands that held accounts in the "Icesave" branch of ''Landsbanki'' lost a total of €6.7bn of savings. Because no immediate repayment was expected by any Icelandic institutions, the Dutch and British ''national deposit guarantee schemes'' covered repayment up to the max ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 See also * 2008–11 Icelandic financial crisis References {{iceland-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deposit Insurance
Deposit insurance or deposit protection is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due. Deposit insurance systems are one component of a financial system safety net that promotes financial stability. Overview Banks are allowed (and usually encouraged) to lend or invest most of the money deposited with them instead of safe-keeping the full amounts (see fractional-reserve banking). If many of a bank's borrowers fail to repay their loans when due, the bank's creditors, including its depositors, risk loss. Because they rely on customer deposits that can be withdrawn on little or no notice, banks in financial trouble are prone to bank runs, where depositors seek to withdraw funds quickly ahead of a possible bank insolvency. Because banking institution failures have the potential to trigger a broad spectrum of harmful events, including economic recessions, policy makers mainta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
