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Euromoney Magazine
Euromoney Magazine http://www.euromoney.com/Print.aspx?ArticleID=2406144 The failed state of Iceland Elliot Wilson Friday, March 05, 2010 The full horror of the country’s bank-led collapse is still emerging. A new generation of regulators is trying to sort out the mess as prosecutors attempt to bring the perpetrators to justice but, as Elliot Wilson discovers in Reykjavik, there’s a long road ahead to recovery. IN A WORLD where international reputations seem to topple like dominoes every few months – Greece being the latest casualty – it’s worth stepping back in time to the mother of all financial disasters. When Iceland’s banking sector disintegrated in autumn 2008 it spelled the end for the nation’s big three lenders – Kaupthing, Glitnir and Landsbanki – creating the greatest banking collapse relative to economic size in history. But it did much more. It shredded a tiny nation’s hard-won economic reputation in a heartbeat. It bankrupted hundreds of Icelandic firms, many of which had grown fat and rich with cheap loans from local banks. Worst of all it impoverished tens of thousands of poorly advised (and often greedy) consumers, who are now deeply in debt and bitter towards everyone – bankers, politicians, regulators and the entire global financial system that allowed Iceland to fly so high before burning up and falling to Earth. While the eyes of the world are elsewhere, it’s interesting to see how a new generation of politicians and regulators in Reykjavik, backed by a coterie of teak-tough international advisers, are seeking to scrape the country’s tattered economy off the floor. -
ARION BANK HF. (Incorporated with Limited Liability in Iceland)
ARION BANK HF. (incorporated with limited liability in Iceland) €1,500,000,000 Covered Bond Programme Under this €1,500,000,000 Covered Bond Programme (the Programme), Arion Bank hf. (the Issuer or the Bank) may from time to time issue bonds (the Covered Bonds) denominated in any currency agreed between the Issuer and the relevant Dealer (as defined below). Covered Bonds may be issued in bearer form (Bearer Covered Bonds), registered form (Registered Covered Bonds) or in uncertificated and dematerialised book entry form registered in the Icelandic Securities Depository Ltd. (ISD Covered Bonds and the ISD respectively). The maximum aggregate nominal amount of all Covered Bonds from time to time outstanding under the Programme will not exceed €1,500,000,000 (or its equivalent in other currencies calculated as described in the Programme Agreement described herein), subject to increase as described herein. The Covered Bonds may be issued on a continuing basis to one or more of the Dealers specified under "Overview of the Programme" and any additional Dealer appointed under the Programme from time to time by the Issuer (each a Dealer or Manager and together the Dealers or Managers), which appointment may be for a specific issue or on an ongoing basis. References in this offering circular (the Offering Circular) to the relevant Dealer shall, in the case of an issue of Covered Bonds being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to subscribe for such Covered Bonds. The Covered Bonds may be held in a manner which is intended to allow for Eurosystem eligibility. -
On the Receiving End the Role of Scholarship, Memory, and Genre in Constructing Ljósvetninga Saga
On the Receiving End The Role of Scholarship, Memory, and Genre in Constructing Ljósvetninga saga Yoav Tirosh Dissertation towards the degree of Doctor of Philosophy University of Iceland School of Humanities Faculty of Icelandic and Comparative Cultural Studies October 2019 Íslensku- og menningardeild Háskóla Íslands hefur metið ritgerð þessa hæfa til varnar við doktorspróf í íslenskum bókmenntum Reykjavík, 21. ágúst 2019 Torfi Tulinius deildarforseti The Faculty of Icelandic and Comparative Cultural Studies at the University of Iceland has declared this dissertation eligible for a defence leading to a Ph.D. degree in Icelandic Literature Doctoral Committee: Ármann Jakobsson, supervisor Pernille Hermann Svanhildur Óskarsdóttir On the Receiving End © Yoav Tirosh Reykjavik 2019 Dissertation for a doctoral degree at the University of Iceland. All rights reserved. No part of this publication may be reproduced in any form without written permission of the author. ISBN 978-9935-9491-2-7 Printing: Háskólaprent Contents Abstract v Útdráttur vii Acknowledgements ix Prologue: Lentils and Lenses—Intent, Audience, and Genre 1 1. Introduction 5 1.1 Ljósvetninga saga’s Plot in the A-redaction and C-redaction 6 1.2 How to Approach Ljósvetninga saga 8 1.2.1 How to Approach This Thesis 9 1.2.2 Material Philology 13 1.2.3 Authorship and Intentionality 16 1.3 The Manuscripts 20 1.3.1 AM 561 4to 21 1.3.2 AM 162 C fol. 26 2. The Part About the Critics 51 2.1 The Debate on Ljósvetninga saga’s Origins in Nineteenth- and Twentieth- Century Scholarship 52 2.1.1 Early Discussion of Ljósvetninga saga: A Compilation of Loosely Connected Episodes 52 2.1.2 Þáttr theory 54 2.1.3 Freeprose and Ljósvetninga saga as a “Unique” Example of Oral Variance: The Primacy of the C-redaction 57 2.1.4 Bookprose and Ljósvetninga saga as a Misrepresented and Authored Text: The Primacy of the A-redaction 62 2.1.5 The Oral vs. -
FL Group Reports Net Loss of ISK 67 Billion in 2007
FL Group reports net loss of ISK 67 billion in 2007 -Global market conditions significantly affect Q4 earnings- - Financial position and fundamentals remain strong – -Market risk reduced significantly in Q4 and YTD 2008- Reykjavik, Iceland 13 February 2008 – FL Group (OMX: FL), the international investment company, today announces its results for the year 2007. Financial highlights • Net loss after tax of ISK 63.2 billion (EUR 694.5 million) in Q4 and ISK 67.3 billion (EUR 738.5 million) in 2007, reflecting a significant decrease in market value of FL Group’s listed assets. All of FL Group’s listed holdings are marked to market. • Total assets increased to ISK 422.3 billion at the end of Q4 from ISK 262.9 billion at the end of 2006, representing a 60.7% increase. Tryggingamidstodin was fully consolidated by the end of the year. • Total shareholders equity was ISK 155.8 billion at the end of the quarter, an increase of ISK 13.2 billion from the end of 2006. The increase was due to a share issue in the second half, related to the acquisitions of property companies and Tryggingamidstodin. • Financial position and liquidity are strong, equity ratio is 36.9% and direct liquidity of ISK 28.6 billion in the form of cash position and unpaid share capital which became payable on 4 January. • At the time of publishing the annual results, FL Group has refinanced ISK 47.1 billion of borrowings maturing in 2008, with only ISK 8.5 billion of borrowings currently remaining. • Negative re-valuation of ISK 3.7 billion of FL Group´s unlisted portfolio reflected global market conditions in Q4. -
Annual Report 2004 `Rssk Rsla ˝SB 2004 Ensk.Qxd 8.3.2005 12:54 Page 2
Annual report 2004 `rssk rsla ˝SB 2004 ensk.qxd 8.3.2005 12:54 Page 2 Contents Highlights of the year 2004 . 3 Our Health School . 55 100 years of financial history . 4 Sjóvá . 58 Financial highlights . 6 Risk management and Treasury . 64 Key figures in Euros . 8 Basel II . 64 Chairman’s statement . 10 Credit risk . 65 67 Chief Executive’s review . 12 Financial risk . Financial structure . 68 Shareholder information . 14 Operating risk . 70 Organisation and Managing directors . 17 Performance of Treasury and Risk department . 70 Board of Directors and CEO . 18 International financial reporting standards . 71 Corporate governance . 20 Íslandsbanki’s intellectual capital . 73 Review of group operations . 24 Annual accounts . 79 Performance . 25 Signatures . 80 Balance Sheet . 29 Auditor’s signatures . 81 Corporate social responsibility . 33 Profit and loss account . 82 2004 36 Awards and recognitions in . Balance sheet . 84 37 Commercial banking . Statement and cash flows . 86 Retail banking . 38 Accounting principles and notes . 88 Corporate banking . 40 Sjóvá-Almennar tryggingar hf. annual accounts . 110 42 Asset-based financing – Glitnir . Profit and loss account . 111 44 Asset management . Balance sheet . 112 Capital markets . 47 Consolidated Annual Accounts – Investment banking . 50 Summary in Euros . 114 Highlights of the year 2004* Earnings after taxes were ISK 11.4 bn (EUR 137.0 million) Return on Equity 40% Total Asset increased by 52.1% Total Lending increased by 49.3% The cost/income ratio was 48.6% for banking operations and 33.6% for insurance operations Net interest Income increased by 30.8% Earnings per share was ISK 1.13 The Board of Directors moved to pay shareholders a dividend of ISK 0.35 per share ISB bought KredittBanken in Norway for ISK 3.5 bn (EUR 41.9 million) ISB launched a ISK 33.6 bn (EUR 402.3 million) offer for all the shares in BNbank. -
Iceland Times
Description of more than 300 places all around Iceland With High-quality photos and maps With Contact information and QR-code to use with your smartphone With Colour-coded sections for easy reference and reading Additional online content and updates at ISBN 978-9979-72-292-2 www.icelandictimes.com Iceland celandic Times Extra is an extensive and informative book about the Icelandic Tourist Industry. It contains articles from the first 16 issues of Icelandic Times magazine as well as a number of brand new articles onI nature, natural wonders, birds and wildlife, towns and villages, museums and galleries, swimming pools, activities, curiosities, accommodation, restaurants, design and handicraft – and the endless exciting possibilities available to our guests. The winter wonders with the Nordic Lights, the summer season with the Midnight Sun. Whether it is fising, sailing, horse-riding, skiing, snow-mobiling, adventure tours, hiking, mountaineering, river-rafting, glacier-tours, hang-gliding, or just plain relaxation in the tranquil nature, here you will find the best possibilities on offer in Iceland. The book travels clock-wise around Iceland, starting in Reykjavík – at 08.00 – with maps for villages and towns, as well as greater areas. There is vast information on each of the ten main areas, their specialities and interest points; Reykjavík, West Coast, Westfjords, North-West, North-East, East, South-East, South, South-West and, of course, the Highlands. The tourist industry is an ever-growing field and thus we do not claim to give a complete account of the possibilities – but we are close. You can be pretty sure you‘ll fid everything you need in this book. -
Consolidated Financial Statements 2019 Contents
Consolidated Financial Statements 2019 Contents page Arion Bank in brief ................................................................................................................................................................................... 3 Endorsement and Statement by the Board of Directors and the CEO ...................................................................................................... 4 Independent Auditor's report .................................................................................................................................................................. 9 Consolidated Income Statement ............................................................................................................................................................. 12 Consolidated Statement of Comprehensive Income ................................................................................................................................ 13 Consolidated Statement of Financial Position .......................................................................................................................................... 14 Consolidated Statement of Changes in Equity ......................................................................................................................................... 15 Consolidated Statement of Cash Flows ................................................................................................................................................... 17 Notes to the -
Forsíða Innbrot Framan
innbrot aftan bakhlið kjölur forsíða innbrot framan Key figures from the Landsbanki Group Accounts Reykjavík EURm ISKm Operations 2006 2006 2005 2004 2003 2002 Faroe Islands Interest revenues 1,520 133,102 66,437 34,252 21,871 21,813 Oslo Interest expenses 1,046 91,611 43,441 19,517 12,540 14,082 Net interest revenues 474 41,491 22,996 14,734 9,331 7,732 Fee and commission income 371 32,459 18,479 10,234 6,959 4,745 Fee and commission expenses 47 4,092 1,754 1,344 843 669 Edinburgh Net fee and commission income 324 28,366 16,726 8,891 6,116 4,076 Other operating revenues 223 19,568 21,257 9,842 3,535 2,109 Manchester Dublin Net operating revenues 1,021 89,426 60,978 33,467 18,982 13,916 Birmingham Amsterdam Cork London Salaries and related expenses 279 24,458 12,682 7,794 5,656 4,387 Frankfurt Administrative expenses 161 14,130 8,284 6,667 5,158 4,117 Guernsey Luxembourg Operating expenses 441 38,588 20,967 14,460 10,815 8,505 Paris Halifax Impairment on loans and advances and assets held for sale 70 6,144 6,197 4,485 4,656 2,863 Zurich New York Geneva Profit before impairment on goodwill and income tax 510 44,694 33,815 14,521 3,512 2,549 Milan Impairment on goodwill 0 0 3,033 0 0 0 Income tax 51 4,479 5,764 1,798 457 475 Madrid Net profit 459 40,215 25,017 12,723 3,055 2,074 Attributable to: Shareholders of Landsbanki Íslands hf. -
Fasteignafélagið Stoðir Hf
Fasteignafélagid Stodir HF (incorporated in Iceland as a public limited company) Bonds of a total amount of ISK 4,460,000,000 (STOD 06 1) Table of contents 1. Risk factors..................................................................................................................... 2 a. Risks relating to the Bonds ............................................................................................. 2 Issuer's liability to make payments under the Bonds......................................................... 2 No prior public market ........................................................................................................ 2 An investment in the Bonds may not be suitable for all prospective investors ................. 2 Change of law ..................................................................................................................... 3 b. Risk relating to the Issuer............................................................................................... 3 Credit risk............................................................................................................................ 3 Market risk .......................................................................................................................... 3 Operational risk .................................................................................................................. 4 2. Parties responsible ......................................................................................................... 6 3. -
Thesis for the Degree of Doctor of Finance
THESIS FOR THE DEGREE OF DOCTOR OF FINANCE THE ICELANDIC BUBBLE AND BEYOND: INVESTMENT LESSONS FROM HISTORY AND CULTURAL EFFECTS MÁR WOLFGANG MIXA DOCTORAL SCHOOL OF BUSINESS REYKJAVÍK UNIVERSITY 2016 Már Wolfgang Mixa The Icelandic Bubble and Beyond: Investment Lessons From History and Cultural Effects 1. Edition 2016 © The Author ISBN: xxxxxxx ISSN: xxxxxxxx ii Acknowledgements I got a phone call in March 2009 from a person working at Reykjavík University asking me whether I might be interested in writing an article with him. This was a complete surprise. One reason is that Icelanders usually do not call each other for such reasons without knowing each other rather well. I knew this person casually because our children attended the same music school where parents meet each other regularly. Also, despite having written extensively about financial issues in the media for over a decade, no-one had at any point expressed a desire to write with me about the subject. The person, Throstur Olaf Sigurjonsson, asked me to write a paper about financial matters that might become published in a peer-reviewed journal. I had no peers, being in the midst of finishing my MSc in Corporate Finance at that point. Throstur Olaf still convinced me to give it a try. As the writing of the paper progressed, I actually found that it was a learning curve that I enjoyed and had some skills in. My former writing experience had taught me a great deal but writing for journals is still a different beast than setting up interesting discussions in the media. -
Arion Bank Hf
ARION BANK HF. (incorporated with limited liability in Iceland) €1,500,000,000 Covered Bond Programme Under this €1,500,000,000 Covered Bond Programme (the Programme), Arion Bank hf. (the Issuer or the Bank) may from time to time issue bonds (the Covered Bonds) denominated in any currency agreed between the Issuer and the relevant Dealer (as defined below). Covered Bonds may be issued in bearer form (Bearer Covered Bonds), registered form (Registered Covered Bonds) or in uncertificated and dematerialised book entry form registered in the Icelandic Securities Depository Ltd. (ISD Covered Bonds and the ISD respectively). The maximum aggregate nominal amount of all Covered Bonds from time to time outstanding under the Programme will not exceed €1,500,000,000 (or its equivalent in other currencies calculated as described in the Programme Agreement described herein), subject to increase as described herein. The Covered Bonds may be issued on a continuing basis to one or more of the Dealers specified under "Overview of the Programme" and any additional Dealer appointed under the Programme from time to time by the Issuer (each a Dealer or Manager and together the Dealers or Managers), which appointment may be for a specific issue or on an ongoing basis. References in this offering circular (the Offering Circular) to the relevant Dealer shall, in the case of an issue of Covered Bonds being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to subscribe for such Covered Bonds. The Covered Bonds may be held in a manner which is intended to allow for Eurosystem eligibility. -
The 2013 Annual Report and Risk Report.Pdf
ÍSLANDSBANKI | ANNUAL REPORT 2013 An Eventful Year December » Íslandsbanki participates Mandate to oversee the listing of oil in a syndicated loan to First international bond issue in foreign currency retailer N1 on NASDAQ OMX Iceland Norwegian company Havila of SEK 500m since establishment Shipping » Highest turnover in equities and fixed VÍB signs a distribution agreement with BlackRock, income on NASDAQ OMX Iceland the world‘s largest asset manager November New online chat with a customer service representative launched October » Íslandsbanki publishes its » New law on consumer lending took effect which forecast for the Icelandic economy stipulates increased disclosure of information Corporate Finance completes public bond offer of the real estate company Eik, the A new Íslandsbanki largest private sector bond American Express® Card issue in Iceland since 2008 launched in Iceland » Mandate to oversee the September listing of insurer Sjóvá VÍB and IS Funds establish » Íslandsbanki's annual Finance Forum Akur, a new private equity attracts around 200 guests » Three branches merged in a new location at fund with investment Höfdabakki, Íslandsbanki capacity of now operates the most ISK 7.3bn efficient branch network » Icelandic Seafood Market Report August Reykjavík Marathon, sponsored by Íslandsbanki, attracts record numbers. Over 14,000 participants, July raising ISK 72.5m for 157 charities Awarded ‘Best Investment Awarded Manager in Iceland' by ‘Best bank in Iceland‘ World Finance magazine by Euromoney June Íslandsbanki signs a USD