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Transcript of a Conference Call on the Conclusion of the Sixth Review under the IMF-supported program with Iceland

Julie Kozack, IMF mission chief to Iceland,
Simonetta Nardin, External Relations Department
Wednesday, August 31, 2011


MS. NARDIN: Welcome to the conference call on the sixth and last review of the IMF-supported program with Iceland. With me is the IMF Mission Chief to Iceland, Julie Kozack. She will now say a few words of introduction and we will then open it up to your questions.

Former Iceland PM negligence trial could be thrown out

Iceland’s special court convened to try former Prime Minister Geir H. Haarde for negligence in the lead up to, and during, the banking crisis will decide in the next four weeks whether or not to throw the case out before trial. Haarde says he has a clear conscience and will wait patiently for the court’s decision.

Kaupthing: New raid in Luxembourg

Police in Luxembourg have raided premises related to Iceland’s failed Kaupthing Bank in a joint operation with the UK Serious Fraud Office and Icelandic authorities.

55 Luxembourgish police officers, eleven British (SFO) and seven Icelandic investigators took part in searches of three business premises and two residential addresses in Luxembourg, which was an important offshore base for Kaupthing before its collapse in 2008.

Iceland and Kaupthing - Robert and Vincent Tchenguiz arrested + another 5 in the UK and 2 in Iceland

Property tycoons Robert and Vincent Tchenguiz have been arrested as part of an investigation into the collapse of Icelandic bank Kaupthing, sources have confirmed.

The Tchenguiz's offices in central London were raided this morning.

The Serious Fraud Office (SFO) said nine unnamed men, aged between 42 and 54, had been arrested in London and Reykjavik.

Robert Tchenguiz borrowed £1.25bn from the failed bank to finance deals.

He used the funds to buy stakes in Sainsbury's and pubs company Mitchells and Butlers.

Landsbanki - Police detain former Iceland bank executives

Icelandic police have detained the former chief of failed bank Landsbanki and another senior executive as part of a probe into alleged crimes in the lead-up to the bank's collapse, the special prosecutor said on Friday.

A municipal court judge would decide at around 1400 GMT whether to keep the executives in detention on suspicion of market manipulation ahead of the financial meltdown that hit the island's economy, prosecutor Olafur Thor Hauksson told Reuters.

Former Iceland PM should be tried for crisis: lawmakers

An official probe Monday said several former leaders, including an ex-premier, were guilty of "extreme negligence" in the lead-up to the 2008 financial crisis that crippled Iceland's economy. Iceland's former prime minister Geir Haarde and three ministers should be tried for negligence that led to the country's 2008 banking and financial meltdown, a parliamentary commission said Saturday.

Ex-Kaupthing Chiefs Arrested as Iceland Probes Bank’s Collapse

Hreidar Mar Sigurdsson, the former chief executive officer of Kaupthing Bank hf, was arrested yesterday after an investigation into the collapse of Iceland’s largest bank, two people familiar with the probe said.

Reykjavik police arrested one person, who they didn’t identify, on suspicion of forgery, market manipulation and violating the law in pursuit of personal financial gain, Iceland’s special prosecutor said in a statement.

The ash cloud of Icelandic Banking is clearing up - Black Report by the Special Investigation Commission

The Black Report on the Iceland bank failures was released on the 14th April 2010. It has it all - regulatory capture, oblivious politicians, shadow banking, loans to shareholders to buy shares and more.

Iceland Signs Agreement And Guarantees UK and Netherlands Loans

Economic Secretary to the Treasury, Ian Pearson MP, welcomed an agreement today on repayment to the UK and Netherlands of payments made following the collapse of Landsbanki.

The agreement, signed by the Governments of the UK, the Netherlands and Iceland, includes a sovereign guarantee by Iceland and will pass into law following the passage of a Bill introduced today into the Icelandic Parliament, the Althingi.

Ian Pearson MP said:

Iceland: Hook, Line and Sunk!

While some commentators are claiming the world is coming out of the financial crisis, the experience of Iceland suggests we might all be in for another rough ride.

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