By G. Johnsen
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Additional resources for Bringing Down the Banking System: Lessons from Iceland
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.