Agreement with creditors… almost there
As far as I understand, Icelandic officials are in London to finalise agreements regarding the estates of the three failed banks – Landsbanki (LBI), Glitnir og Kaupthing. The agreements are a necessary step in the plan to lift capital controls, long in the making.
The agreements agreed to in June were only lose outlines. The recent work aims at spelling out the precise meaning, terms and conditions.
Creditors in Glitnir and Kaupthing own respectively the new banks, Íslandsbanki and Arionbank. These two entities are also the largest part of the estates’ Icelandic assets, which cause the problem: these assets can’t be paid out in foreign currency, as the creditors, mostly foreigners, would prefer.
Glitnir has been trying to sell Íslandsbanki to foreigners but it so far without success.
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