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By G. Johnsen

The mixed cave in of Iceland's 3 greatest banks in 2008 is the 3rd greatest financial disaster in heritage and the most important banking procedure cave in suffered via any nation in glossy monetary historical past, relative to GDP. How may perhaps tiny Iceland construct a banking method in below a decade that proportionally handed Switzerland's? Why did the bankers choose to develop the procedure so quick? How did companies tunnel cash out of the banking process? And why did not anyone cease them? Bringing Down the Banking process solutions those questions. Gudrun Johnsen, Senior Researcher with Iceland's precise research fee, tells the riveting tale of the increase and fall of the Icelandic banking process, describes the Commission's findings on the harmful results of keeping corporation cross-ownership, and explains what we can study from it all.<

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8 In the afternoon, Glitnir’s VP of Capital Markets, Johannes Baldursson, and Glitnir’s VP of Treasury, Vilhelm Mar Thorsteinsson, arrive at the Central Bank to meet with the Central Bank’s Director of Market Operations, Sturla Palsson, and an economist from the PA N I C 21 Governor’s office, Jon Sigurgeirsson. 10 Friday, September 26, 2008 Glitnir’s chairman, Baldvinsson, and Glitnir’s CEO, Welding, meet with Governor Oddsson. The governor steps out during the meeting to call Iceland’s prime minister, Geir H.

45 Government Announces Purchase of Glitnir Shares Monday, September 29, 2008 At 15 minutes past midnight, Glitnir’s Board of Directors meets to go over the plan and the possible consequences. After considering their options, they decide to reject the purchase. m. , Minister of Commerce Sigurdsson and his advisor meet with Glitnir’s Chairman Baldvinsson and one of the major shareholders. The Minister and his advisor are told that the Central Bank’s decision is very serious, not just for Glitnir, but also for the other banks, and are asked whether the share percentage being purchased can be lowered.

As at today these funds only amount to 500 million pounds. It’s therefore clear to us that KSF has breached our liquidity guidelines and in its reporting has substantially overstated the true liquidity position. , Prime Minister Haarde meets with the chairman of Kaupthing, Sigurdur Einarsson, and the chief executive officer, Hreidar Mar Sigurdsson. During the meeting, Alistair Darling, UK’s Chancellor of the Exchequer, contacts Prime Minister Haarde and tells him that, according to UK authorities, the Kaupthing subsidiary Kaupthing Singer & Friedlander has transferred 600 million pounds out of the UK.

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