Icelandic news translated into English

November 12, 2008

The new banks to get 385 billions in owner’s equity

Filed under: economy,Uncategorized — newsfrettir @ 5:17 pm
Tags: , ,

The Ministry of Finance has decided to put 385 billions Isk into the new Icelandic banks. This was revealed by Gunnar Svavarsson, head of appropriations committee in Althing today.

He disclosed that the Minister of Finance came to a meeting of the committee this morning to inform them of that decision; the minister is authorized to manage funds from the treasury and seek approval from the parliament after the fact if there are special circumstances. Mr. Svavarsson also said that authorizations for these expenses would be sought from the fiscal budget for this year or the next.
The Ministry of Finance will deposit 750 million Isk as initial capitalization to each bank, totaling to 2.350 million Isk. Landsbankinn will get 200 billions in owners equity, Glitnir will get 100 billions and Kaupthing 75 billions. The minister also said that no decision had been made about putting more money into the Savings bank.

News Article by noname
Original Article in Icelandic

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