By G. Johnsen
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Extra info for Bringing Down the Banking System: Lessons from Iceland
Sample text
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. 83 The FSA then requests that Kaupthing Singer & Friedlander place all deposits that have come in on October 2 and 3 into a special account at the Bank of England.
NIB had never encountered a default and had only bought bonds with a rating of AA- or better. The culture at NIB at that time could be described as professional, conservative, and cautious. The employees were meticulous professionals, with a solid track record and a diverse international experience from leading financial institutions. NIB’s credit rating of AAA was, in those days, as rare for financial institutions as a black swan, and was mostly held by sovereign states. The risk profile of FBA, however, was quite different.
The prime minister’s economic advisor, Tryggvi Thor Herbertsson, argues with the two outside economists, Jon Steinsson and Fridrik Mar Baldursson, over whether to mention the International Monetary Fund (IMF) in the presentation slides. 99 After the meeting, Prime Minister Haarde and Minister of Industry Skarphedinsson meet privately to discuss the options. , the ministers meet with representatives from Landsbanki about the bank’s liquidity issue, the Icesave deposits, and the outlook for the next few days.