Sentences with phrase «icelandic bank collapse»
This didn't just happened with UK - owned Northern Rock and Bradford & Bingley, but also with Iceland - owned (but UK - regulated) Kaupthing Edge (see more on the Icelandic Bank Collapse).
https://www.moneysavingexpert.com/ Not exact matches
The Guardian reports that Gunnlaugsson co-owned a British Virgin Islands — registered company called Wintris Inc., which reportedly held shares worth nearly $ 4 million in three Icelandic banks that collapsed during the financial crisis of 2008.
The problem was macroeconomic in character, but the bank insurance scheme was only for 1 % of deposits — under conditions where the country's main three banks all were driven under by the combination of bad or outright kleptocratic management and Britain's freezing of Icelandic funds in the aftermath of the Icesave collapse.
Iceland's banking sector was allowed to grow to a disproportionate size relative to Iceland's GDP, including by offering foreign currency savings accounts at attractive interest rates, which implicitly put the Icelandic government, and therefore the Icelandic people, on the hook for ultimately repaying other countries when Iceland's banking system collapsed and a systemic Icelandic bank run occurred.
When the bank collapsed, the Icelandic government passed an emergency law splitting it into a good bank (with assets) and a bad bank (with liabilities).
The panic over the collapse of Northern Rock, Bradford & Bingley, Icelandic banks and others may seem a distant memory, yet every sensible saver needs to remember the lessons and ask «Are my savings safe?»
Eventually, the SFO agreed to pay Robert Tchenguiz # 1.5 m in damages and unspecified legal costs, in a settlement that brought closure to its torrid investigation into the collapse of Icelandic banks.
This followed earlier advice in respect of potential disputes arising from the collapse of Iceland's major banks and action taken against Icelandic banks in the UK.
The Authority claimed that Iceland had violated the transposed Directive and thus EEA law in the aftermath of its major economic crisis and collapse of the banking sector in 2008, by failing to ensure that British and Dutch depositors using the famous «Icesave» accounts offered by Icelandic banks received the minimum amount of compensation set out in Article 7 (1) of the Directive.
Based on emergency legislation, domestic deposits had been transferred to a newly created «good» bank after the collapse of the Icelandic Landsbanki but before the Icelandic deposit - guarantee scheme was activated — and failed (para 211).
Our members have appeared in many of the leading cases in this area, from the swaps litigation of the 1990s, through the claims arising out the collapse of the Icelandic banking system, to current challenges to Government sanctions and legal aid cut decisions.
Michael advised the Bank of England throughout the banking crisis, including on its Special Liquidity Scheme (for which his team won the 2009 Financial Times Innovative Lawyers Award for Legal Innovation in the Credit Crisis and the Downturn), the collapse of Lehman Brothers, Bradford & Bingley and the Icelandic banks, and the recapitalisation of UK banks.
• Assisted on an investigation into the borrowings of the large customers of an Icelandic bank which collapsed in 2008, with a view to making a determination of whether claims could be instigated against the customer;