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The following is a timeline of the Icelandic financial crisis which began in earnest in mid September 2008. The combined assets of the three largest Icelandic banks amounted to ten times the country's total gross domestic product (GDP) at the time of their collapse. Two-thirds of the banks liabilities were denominated in a foreign currency. When the world's credit markets dried up, the banks were unable to refinance their loans and the government, as a lender of last resort, was unable to offer backing to the privately owned banks.
Davíð Oddsson is an Icelandic politician, and the longest-serving prime minister of Iceland, in office from 1991 to 2004. From 2004 to 2005 he served as foreign minister. Previously, he was Mayor of Reykjavík from 1982 to 1991, and he chaired the board of governors of the Central Bank of Iceland from 2005 to 2009. The collapse of Iceland's banking system led to vocal demands for his resignation, both from members of the Icelandic public and from the new Icelandic Prime Minister Jóhanna Sigurðardóttir, which resulted in his being replaced as head of the Central Bank in March 2009. In September 2009 he was hired as the editor of Morgunblaðið, one of Iceland's largest newspapers, a decision that caused nationwide controversy and was followed by resignations and widespread terminated subscriptions. He contested the election for President of Iceland on 25 June 2016 but lost to Guðni Jóhannesson.
Íslandsbanki is an Icelandic bank with roots tracing back to 1884, formerly being the domestic part of Glitnir banki hf., but on 15 October 2008 being split from the bankrupt Glitnir and reestablished into a new independent bank. The sole operations of the bank is to manage a branch network in Iceland, with a 20%-40% market share across all domestic franchise areas. As of 2017, the bank has 14 branches around Iceland. The bank is fully owned by the Icelandic State Treasury.
Landsbanki, also commonly known as Landsbankinn which is now the name of the current rebuilt bank, was one of the largest Icelandic commercial banks that failed as part of the 2008–2011 Icelandic financial crisis when its subsidiary sparked the Icesave dispute. On October 7, 2008, the Icelandic Financial Supervisory Authority took control of Landsbanki and created a new bank for all the domestic operations called Nýi Landsbanki so that the domestic bank could continue to operate, the new bank continued to operate under the Landsbanki name in Iceland.
Kaupthing Bank was a major international Icelandic bank, headquartered in Reykjavík, Iceland. It was taken over by the Icelandic government during the 2008–2011 Icelandic financial crisis and the domestic Icelandic based operations were spun into a new bank New Kaupthing, which was subsequently renamed Arion Banki. All the non-Icelandic assets and debts remained with the now defunct Kaupthing Bank. Prior to its collapse it also allegedly loaned money to various parties with the purpose of buying Kaupthing shares.
Geir Hilmar Haarde is an Icelandic politician, who served as prime minister of Iceland from 15 June 2006 to 1 February 2009 and as president of the Nordic Council in 1995. Geir was chairman of the Icelandic Independence Party from 2005 to 2009. Since 23 February 2015 he has served as the ambassador of Iceland to the United States and several Latin American countries.
Glitnir was an international Icelandic bank. It was created by the state-directed merger of the country's three privately held banks - Alþýðubanki, Verzlunarbanki and Iðnaðarbanki - and one failing publicly held bank - Útvegsbanki - to form Íslandsbanki in 1990. At the time, Íslandsbanki was the only major privately held commercial bank in Iceland. It was publicly listed on the Iceland Stock Exchange, in 1993. Íslandsbanki subsequently merged with FBA Icelandic Investment Bank in 2000.
The Icesave dispute was a diplomatic dispute between Iceland, the Netherlands and the United Kingdom that began after the privately owned Icelandic bank Landsbanki was placed in receivership on 7 October 2008. As Landsbanki was one of three systemically important financial institutions in Iceland to go bankrupt within a few days, the Icelandic Depositors' and Investors' Guarantee Fund (Tryggingarsjóður) had no remaining funds to make good on deposit guarantees to foreign Landsbanki depositors who held savings in the Icesave branch of the bank.
Iceland–Russia relations is the relationship between the two countries, Iceland and Russia. Russia has an embassy in Reykjavík. Iceland has an embassy in Moscow, and two honorary consulates in Murmansk and Saint Petersburg. Both countries have close ties in financing, which has strengthened the relations between the two.
The Financial Supervisory Authority is the single supervisory authority for the financial sector in Iceland. Companies regulated by the authority are commercial banks, savings banks, insurance companies, insurance brokers, credit institutions, securities firms, securities brokers, mutual funds and pension funds management companies and other entities authorized to receive deposits. The current CEO is Ms. Unnur Gunnarsdóttir, who succeeded the controversial Gunnar T. Andersen in March 2012. Deputy CEO Ragnar Haflidason succeeded Jónas Fr Jónsson in October 2008 and Gunnar T Andersen took over as CEO in April 2009. The first CEO was Pall Gunnar Palsson, who directed from 1999 to 2005.
The Icelandic financial crisis was a major economic and political event in Iceland that involved the default of all three of the country's major privately owned commercial banks in late 2008, following their difficulties in refinancing their short-term debt and a run on deposits in the Netherlands and the United Kingdom. Relative to the size of its economy, Iceland's systemic banking collapse was the largest experienced by any country in economic history. The crisis led to a severe economic slump in 2008–2010 and significant political unrest.
Sigmundur Davíð Gunnlaugsson is an Icelandic politician who was the youngest serving prime minister of Iceland from May 2013 until April 2016. He was also chairman of the Progressive Party from 2009 to October 2016. He was elected to the Althing as the 8th member for the Reykjavík Constituency North on 25 April 2009. He has represented the Northeast Constituency as its 1st member since 27 April 2013.
The Icelandic "outvasion" was the period in the economic history of Iceland between 2000 and the onset of its financial crisis in October 2008. With the privatisation of the Icelandic banks being advantageous for investors, there was a large supply of cheap loan capital on the international market. A clause in the agreement with the European Economic Area stipulated the free flow of capital to and from Iceland.
The economy history of Iceland covers the development of its economy from the Settlement of Iceland in the late 9th century until the present.
The 2010 Icelandic loan guarantees referendum, also known as the Icesave referendum, was held in Iceland on 6 March 2010.
The following lists events that happened in 2008 in Iceland.
Iceland joined the International Monetary Fund on Dec 27th 1945, becoming one of the IMF's founding members. As a part of the IMF, Iceland has rights in accordance with its contributions, borrowing rights which help facilitate the stability of global financial markets. Iceland's quota is 321.8 million SDR, and its Special Drawing Rights are 112 million. This is a relatively small quota and its vote share comprises only 0.09% of all IMF vote shares, or 4,683 votes to be exact.