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Icesave
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 ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Icesave
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 ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2010 Icelandic Loan Guarantees Referendum
The 2010 Icelandic loan guarantees referendum, also known as the Icesave referendum ( Icelandic: ''Þjóðaratkvæðagreiðsla um Icesave''), was held in Iceland on 6 March 2010. The referendum was held to approve the terms of a state guarantee on the obligation of the Depositors' and Investors' Guarantee Fund (''Tryggingarsjóður innstæðueigenda og fjárfesta''), in particular a €3.8 billion loan (€11,964 per person) from the governments of the United Kingdom and the Netherlands to cover deposit insurance obligations in those countries. The referendum was held under article 26 of the Constitution of Iceland after President Ólafur Ragnar Grímsson refused to counter-sign the corresponding Act of Parliament (known as the second ''Icesave bill'') into law on 5 January 2010. The proposal was resoundingly defeated, with 98% voting against and less than 2% in favor. The referendum was the first to be held in Iceland since 1944, and required special legislation. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2011 Icelandic Loan Guarantees Referendum
A referendum on the repayment of loan guarantees by Iceland to the governments of the United Kingdom and the Netherlands over the failure of the Icesave bank was held in Iceland on 9 April 2011. This was the second referendum on the issue after a previous one was held in March 2010. After the referendum failed to pass, the British and Dutch governments said that they would take the case to the European courts. Background The referendum was held under article 26 of the Constitution of Iceland after President Ólafur Ragnar Grímsson refused to counter-sign the corresponding Act of Parliament (known as the third Icesave bill) into law on 20 February 2011. Previously, the Althingi had approved Act No. 1/2010 (also known as ''Icesave bill 2''), as amendment to Act No. 96/2009 (also known as ''Icesave bill 1''), authorising the Minister of Finance, on behalf of the State Treasury, to issue a state guarantee to cover deposit insurance over the failure of Icesave. However, the preside ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Landsbanki
Landsbanki (literally "national bank"), also commonly known as Landsbankinn (literally "the national bank") which is now the name of the current rebuilt bank (here called "New Landsbanki"), was one of the largest Icelandic commercial banks that failed as part of the 2008–2011 Icelandic financial crisis when its subsidiary sparked the Icesave dispute. On October 7, 2008, the Icelandic Financial Supervisory Authority took control of Landsbanki and created a new bank for all the domestic operations called Nýi Landsbanki (new Landsbanki) so that the domestic bank could continue to operate, the new bank continued to operate under the Landsbanki name in Iceland. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
EFTA Surveillance Authority V Iceland
''EFTA Surveillance Authority v Iceland'' was a case brought before the EFTA Court by the European Free Trade Association Surveillance Authority against Iceland following the Icesave dispute. Following the final result of the 2011 Icelandic loan guarantee referendum, the European Free Trade Association Surveillance Authority (ESA) lodged a formal application with the EFTA Court. The case was opened on 15 December 2011, and has received defence and written observations from the governments of Iceland, UK, Netherlands, Norway and Liechtenstein as well as the EFTA Surveillance Authority and the European Commission. The oral hearing in the case took place on 18 September 2012. The judgment was delivered on 28 January 2013, in Iceland's favour. The court dismissed the application of the EFTA Surveillance Authority and ordered the authority to pay its own costs and the costs incurred by Iceland. The case Following the collapse of Landsbanki in October 2008, the governments of the U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
EFTA Court
The EFTA Court is a supranational judicial body responsible for the three EFTA members who are also members of the European Economic Area (EEA): Iceland, Liechtenstein and Norway. As members of the EEA, the three countries participate in the European single market of the European Union. Consequently, they are subject to a number of European laws. Enforcement of these laws would normally be carried out by the European Court of Justice (ECJ); however, there were legal difficulties in giving Union institutions powers over non-members so the EFTA Court was set up to perform this role instead of the ECJ. Since September 1995, the Court has consisted of three judges and six ad hoc judges. They are nominated by the three members and appointed by their governments collectively through common accord. According to Article 108(2) of the EEA Agreement of 2 May 1992, the EFTA States taking part in the EEA Agreement shall establish a court of justice. That obligation was complied with ... [...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] |
Kaupthing
Kaupthing Bank ( is, Kaupþing banki; ) was a major international Icelandic bank, headquartered in Reykjavík, Iceland. It was taken over by the Icelandic government during the 2008–2011 Icelandic financial crisis and the domestic Icelandic based operations were spun into a new bank ''New Kaupthing'', which was subsequently renamed Arion Banki. All the non-Icelandic assets and debts remained with the now defunct Kaupthing Bank. Prior to its collapse it also allegedly loaned money to various parties with the purpose of buying Kaupthing shares. Prior to its collapse, Kaupthing Bank operated in thirteen countries, including all the Nordic countries, the Netherlands, Belgium, Luxembourg, Switzerland, the United Kingdom and the United States. It was seventh largest bank in the Nordic countries in terms of market capitalization. The bank had employed over 3,300 people with 36 retail branches in Iceland. As of 31 December 2007, the bank had a total assets of €58.3 billion ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kaupthing Edge
Kaupthing Bank ( is, Kaupþing banki; ) was a major international Icelandic bank, headquartered in Reykjavík, Iceland. It was taken over by the Icelandic government during the 2008–2011 Icelandic financial crisis and the domestic Icelandic based operations were spun into a new bank ''New Kaupthing'', which was subsequently renamed Arion Banki. All the non-Icelandic assets and debts remained with the now defunct Kaupthing Bank. Prior to its collapse it also allegedly loaned money to various parties with the purpose of buying Kaupthing shares. Prior to its collapse, Kaupthing Bank operated in thirteen countries, including all the Nordic countries, the Netherlands, Belgium, Luxembourg, Switzerland, the United Kingdom and the United States. It was seventh largest bank in the Nordic countries in terms of market capitalization. The bank had employed over 3,300 people with 36 retail branches in Iceland. As of 31 December 2007, the bank had a total assets of €58.3 billio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 o ... 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] |
Kaupthing Bank
Kaupthing Bank ( is, Kaupþing banki; ) was a major international Icelandic bank, headquartered in Reykjavík, Iceland. It was taken over by the Icelandic government during the 2008–2011 Icelandic financial crisis and the domestic Icelandic based operations were spun into a new bank ''New Kaupthing'', which was subsequently renamed Arion Banki. All the non-Icelandic assets and debts remained with the now defunct Kaupthing Bank. Prior to its collapse it also allegedly loaned money to various parties with the purpose of buying Kaupthing shares. Prior to its collapse, Kaupthing Bank operated in thirteen countries, including all the Nordic countries, the Netherlands, Belgium, Luxembourg, Switzerland, the United Kingdom and the United States. It was seventh largest bank in the Nordic countries in terms of market capitalization. The bank had employed over 3,300 people with 36 retail branches in Iceland. As of 31 December 2007, the bank had a total assets of €58.3 billion ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finland
Finland ( fi, Suomi ; sv, Finland ), officially the Republic of Finland (; ), is a Nordic country in Northern Europe. It shares land borders with Sweden to the northwest, Norway to the north, and Russia to the east, with the Gulf of Bothnia to the west and the Gulf of Finland across Estonia to the south. Finland covers an area of with a population of 5.6 million. Helsinki is the capital and largest city, forming a larger metropolitan area with the neighbouring cities of Espoo, Kauniainen, and Vantaa. The vast majority of the population are ethnic Finns. Finnish, alongside Swedish, are the official languages. Swedish is the native language of 5.2% of the population. Finland's climate varies from humid continental in the south to the boreal in the north. The land cover is primarily a boreal forest biome, with more than 180,000 recorded lakes. Finland was first inhabited around 9000 BC after the Last Glacial Period. The Stone Age introduced several differ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
