I've just been Northern Rocked!!!

[ellal]

Any more rumours about the Icelandic banks being a Russian Gangster scheme?

A bit of history..this from a couple of years ago.

But explanations as to how Iceland's clout was honestly earned are not in short supply either. There is one deal that may have helped kick things off. During the 1990s, Bjorgolfur Thor Bjorgolfsson, his father Bjorgolfur Gudmundsson and Magnus Thornsteinsson, now executive chairman of Avion group, built up a brewery in Mafia-controlled St Petersburg, which they sold to Heineken for £212 million. That money went to create a firm called Samson, which made a series of successful investments. It now holds a 40 per cent share in Landisbanki - where assets almost doubled in the past year - that has helped finance many of the deals that Baugur has made in London.

That factory was an old Icelandic coca cola factory (I know cos I worked there many years ago) which was shipped over to russia...the rumours of russian involvement in the finances are very strong!
link

While their competitors in St. Petersburg's mafia-ridden brewing business were being murdered or having their factories mysteriously burned down during the 1990's, Björgólfur Thor Björgólfsson, Björgólfur Guðmundsson and Magnús Thorsteinsson escaped not only unscathed out of Russia but also, they claim, with piles of money after selling their Bravo International brewery to Heineken for USD 400 million in 2002.

Returning to Iceland in 2002, the threesome purchased a controlling share in state bank Landsbanki in a controversial sale.

Err read this http://news.bbc.co.uk/1/hi/business/7658417.stm[/QUOTE]

Nowhere does it say that the savings are fully guaranteed under the british fsa scheme, but that they will get the money back by getting hold of any assets - not quite the same thing...(he has just repeated that in the House of Commons). A 'guarantee' as such yes - but one that can be trusted?

BTW, the biggest Icelandic bank (kaupthing) has now been liquidated!

 

[freddiemercurystwin]

Whoo, just checked my acount and I've got it all back with an extra £20 for some reason!

 

[ellal]

Agreement was recently reached on the account compensation, hence the IMF loan approved this morning..

Stupid thing is it's emerged that just before it all went pear-shaped, the UK offered to guarantee the £4bn if iceland pledged to pay just £200m..

which is spookily near enough the amount that sterling has dropped against the dollar in terms of the amount the IMF has loaned Iceland - in dollars!

Now we're just one of those loaning money to them to pay back account holders here