Retrade on Glitnir – deals by end of this week
The Icelandic state will take over Íslandsbanki from creditors of Glitnir, according to a press release from Ministry of finance. This means that the June 8 agreement with Glitnir creditors has been changed. However, the trade off is certainty for a possible future upside. Given the Icelandic political climate, that is probably not a bad deal.
LBI, old Landsbanki, has already announced its intention to do a composition and is on track with it, meaning that it must already have the blessing of the government.
Kaupthing will most likely finalise its composition this week. That means that all the three banks are on track towards a composition and a stability contribution.
And the delayed Financial Stability report from the Central Bank of Iceland is now out, published on Friday to no fanfare. Intriguingly, in the introduction there is no mention of the stability tax, only the consensual contribution, levied on the estates, exactly as is now being done.
Updated to include the para on the FS report.
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