Icelandic news translated into English

November 12, 2008

Deposited 11 billion krónur to sjóður 9 after it was closed

Glitnir

Glitnir

The government deposited 11 billion krónur to money fund 9 in Glitnir after it was closed because Illugi Gunnarsson, Member of Parliament for the Independence Party, was a chairman for the fund. This is what Sigurður G. Guðjónsson, former chairman of Glitnir stated today in the news commentary Ísland í dag (Iceland today).

“The government put the money in this fund after it was closed specially,” said Sigurður and added that it was the decision of the Minister of Finance and the Prime Minister. He said that this was not done for any other funds.

Sigurður said it was clear that bank was already thought of as a property of the government at that time and the government did not want a fund closed that had a member of the Parliament as a guarantor.

Visir has tried to get in contact with Illugi Gunnarsson tonight with no results.

News Article by noname
Original Article in Icelandic

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Help depends on closure

Jens Stoltenberg og José Manuel Barroso ræddu við blaðamenn i dag.

Jens Stoltenberg og José Manuel Barroso ræddu við blaðamenn í dag.

José Manuel Barroso, president of the executive of the European Union said in a news conference in Brussels today that Iceland has to find a closure on the disputes to some member states to the union before Iceland can have the so called macrofinancial help from the unions funds.

“The executive will suggest to the member states of the European Union that Iceland will have help in such a form of loans that will be an addendum to the IMF loan,” said Barroso. It will only be capable if Iceland finds a resolution to the disputes about the double edged deals about insurance for the balance of foreign savings owners in Icelandic bank accounts. “We think it is very important that full equality is guarded in these issues,” says Barroso. “The member states of the European Union are asking that the terms that have been set will be honored.” said Barroso. He is convinced that these disputes will be resolved.

Barroso said that the management of the ESB have received a request for help by mail from Geir H. Haarde October 2nd. Macrofinancial-aid from the European Unions are thought of as for the European countries that are not affiliated with the European union and have another currency than the Euro.

News Article by noname
Original Article in Icelandic

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Jón Ásgeir threatens a lawsuit if the information about the financing of 365 media will be sent to the Parliament

Filed under: economy — newsfrettir @ 10:38 pm
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Jón Ásgeir Jóhannesson

Jón Ásgeir Jóhannesson

Jón Ásgeir Jóhannesson, first chairman of 365 hf, insists that Ágúst Ólafur Ágústsson, chairman of the trade commission of the Parliament, desists putting pressure on the representatives of the three government banks to give answers about a loan given for the purchase of 365. If he does not drop the demand Jón Ásgeir will press charges. This is stated in a letter that Einar Sverrisson lawyer sent the committeemen of the trade commission on the behalf of Jón Ásgeir earlier tonight.

In the evening radio news from the Government radio yesterday a news coverage was done about the trade commission of the Parliament have called to a meeting with the bank manager and bank representatives of the three government banks next friday to figure out who lent Jón Ásgeir one and a half billion krónur to buy 365 media.

In the letter it is pointed out that in law about investment companies there is a clause about the board members of investment companies, chairmen, accountants, employees and whoever works a job for the company is bound to secrecy about anything they find out or hear about the practice of the company, business or private matters of their clients, unless they are obligated by the law to share this information. There is nothing in the law about parliamentary procedure or any other law that gives the select committee clearance to be informed about private matters of a businessman of a financial company.

News Article by noname
Original Article in Icelandic

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Sumitomo Mitsui to sue both Kaupthing and Glitnir

Filed under: economy — newsfrettir @ 8:03 pm
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Sumitomo Mitsui, Japans third largest bank, has filed a lawsuit against both Kaupthing and Glitnir in a London court. The lawsuit is regarding loans that Sumitomo, alongside other banks from Japan, Australia and New Zealand, granted Kaupthing and Glitnir.

Counting this lawsuit there are at least 6 court cases underway in London against the Icelandic banks from parties in Germany, Asia and Australia.

According to a story on Bloomberg, Japans largest bank, Mitsubishi, has also filed a lawsuit against Kaupthing, it was Mitsubishi that initiated the united bank loan to Kaupthing. Participants in the united loan were besides the Japanese bank, Cathay United Bank, Malayan Banking Bhd and Commonwealth Bank.

News Article by noname
Original article in icelandic

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

Filed under: economy,Uncategorized — newsfrettir @ 5:17 pm
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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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The situation is dead serious

Problems acquiring loans and disputes because of Icesave seem to have put the loan application from Iceland on slippery ice for an unknown amount of time. Steingrímur J. Sigfússon, chairman of the left wing party, said when he came out of a meeting with the board of standing committee on foreign affairs this morning that the situation is dead serious, the nation could not tolerate this situation any longer. The outlook is specially serious for export industry since everything is frozen to the core.

People surrounded the house of the Parliament today at noon to express their demand to have elections for the Parliament as soon as possible.

Steingrímur says that it condemnable that the government has nothing else as a resort to this situation than the International Money Fund. The case is in a total mess. Every single day in uncertainty is very dear for the nation.

It has repeatedly boiled over between politicians and their foreign confrere overseas because of the Icesave dispute. According to the newsroom Árni M. Mathiesen, Minister of Finance, was scolded at the meetings with other Ministers of Finance from other European countries in Brussels last week. It is said that Ólafur Ragnar Grímsson, the President of Iceland, had a quarrel with a foreign ambassador during a lunch meeting last Friday.

Steingrímur says that it was a terrible disappointment to experience how the English, Dutch and other European nations handled some issues and some of the Northern countries were more hesitant than expected.

He says it is hard to say what Icelandic government can do to improve these communications while they are being forced to sign political results for the Icesave dispute. Information arrived late and in a bad manner and the people of the nations are angry because of the process around the Icelandic banks. The name Iceland is drastically damaged and the reputation of the country is in a bad shape. This is harsh and very sad.

News coverage by Þóra Kristín Ásgeirsdóttir
Original Article & Video in Icelandic

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Predicted unemployment rate at 3.8% in November

Filed under: economy,jobs,Uncategorized — newsfrettir @ 3:33 pm
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Registered unemployment in October was 1.9% or on average 3106 people and the number of people who were unemployed grew by 877 people since September. At the same time of year in 2007 the unemployment rate was 0.8% or 1315 people.
The directorate of labour says that usually unemployment increases between October and November. Last year unemployment was similar for both months and was then 0.8%. Unemployed at the end of October increased from the end of September to 1447 and to 2627 from the same time in 2007.
The directorate of labor says it is hard to estimate unemployment these days because of the massive recession in the economy and mass layoffs, but the unemployment rate in November will probably increase dramatically and be about 3.3 – 3.8%.

News Article by noname
Original Article in Icelandic

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Obviously serious kinks in the procedure of the IMF application


The International Money Fund has suspended the procedure of a loan for over two billion dollars to Iceland for an undecided time, the Financial Times states today. Ólafur Ísleifsson, lecturer at the University of Reyjavík, says that it is obvious that there are some serious kinks in the procedure.

Financial Times repeats from one of the presidents of Fitch Ratings that Iceland is now stuck in mid air. The country obviously needs a new regulatory environment around the finance and currency matters but need the help from the fund to be able to do so. The suspension comes at the same time as it is clear that the Icelandic government has not got the promise for the amount that is needed to meet the plans of the money needs of Iceland.

The paper repeats after a representative from the Icelandic government that the Icelandic nation urgently needs 500 million dollars. There has not been any resolutions in the disputes about the Icesave accounts, from Landsbankinn, between Iceland and the Netherlands and England and that also seems to be slowing down the procedure of loan from the fund.

There is growing rage in Germany as well amongst the clients of Kaupþing Edge, who are worried that they have lost all their money. It is expected that there are around 30 thousand individuals who are hurting from this and they are now demanding actions towards Icelanders.

Ólafur Ísleifsson, lecturer at the University of Reykjavík, says that it is obvious that serious kinks in the matters of the Icelandic application for assistance from the IMF. He says it is very important to brief the people of Iceland better about the situation.

News Article by noname
Original Article in Icelandic

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Dutch people want to know where their money is

Filed under: economy,Uncategorized — newsfrettir @ 1:28 pm
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Landsbankinn
A group of Dutch persons, who lost their savings when the Icesave accounts were closed abroad, are here to meet with the representatives of Landsbankinn today. It has also been planned that they meet with politicians here.

The group came to Iceland yesterday afternoon and they want answers to their questions about the destiny of the money they deposited to their Icesave accounts in the Netherlands. The group had a meeting with a representative from the Ministry of Foreign affairs who has been their contact to institutions and individuals here in Iceland.

The plan is to meet a representative from Landsbankinn sometime after noon. The spokesperson of the group said in a conversation with the newsroom this morning that it seemed like no one has a comprehensive overview of what happened and is happening in the economics of the nation.

People are very concerned about the matters of the country and do not seem like they are looking at matters in a wider perspective. A news team from The Netherlands is following the team and will be reporting about what is happening.

News Article by noname
Original Article in Icelandic

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Formed a “wall of shield” around the house of the Parliament

Filed under: Protests — newsfrettir @ 1:02 pm
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A group of protesters gathered at the house of the Parliament at noon and took place around the house and formed a wall of shield.

It was the group New Era that held this protest meet, but their goal is that the govern of Geir H. Haarde will resign, and there would be formed national government and elections would be at first possible chance. This is thought to be the grounds to build Iceland up again.
The credibility of the prime minister is none and overseas it has been noted that the patience of the Icelandic nation is surprisingly great towards the government.

News Article by Egill
Original Article in Icelandic

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