April 11 (Bloomberg) — the Icelandic President Olafur Grimsson speaks of the claims agreement filing with the United Kingdom and the Netherlands following a referendum in which Icelandic voters rejected a proposal to repay foreign applicants. Grimsson speaks of Reykjavik with Maryam Nemazee for Bloomberg Television "pulse." (Source: Bloomberg)President ólafur r. Grimsson the Iceland defended his efforts to promote the model of Bank of the island in the years that led to the crisis, arguing that it was his duty to speak of an industry which was the creation of jobs.
"It is always the mandate of the President to support the economy of the country and these three banks were the biggest companies," he said in an interview on April 12, in Copenhagen before to speak at the Institute for Corporate Governance lessons from the crisis. "They were thousands of young Icelandic with employment opportunities, in Iceland and in other parts of the world."
The former leaders of the largest banks of the Iceland, which collapsed in 2008 after amassing debts more than 10 times the size of the economy, are now being surveyed financial crimes that prosecutors say stimulated the economic collapse of the island. Grimsson, 67, in a speech from May 2005 assigned Bank growth of the Iceland to the "corporate culture" of the country and a tendency to "challenge dominant theories taught in business schools met."
Now, Grimsson said "it would be strange if the President over the years had not participated in the promotion of the largest companies of the Iceland." Financial industry employee Island 4.3% of the active population of the country in 2006 or 7 300 persons, data show Statistics Iceland. Industry represents 5.1 per cent of workers in 2008, the Bureau believes.
The President in February blocked the efforts of the Government to settle the claims of foreign applicants from Landsbanki Islands hf, once the largest in the country second lender, arguing the taxpayers of the Iceland should not cover the losses created by poorly managed private banks. That triggered a referendum, in which 59.7% of the voters on 9 April rejected an agreement of Government with the United Kingdom and the Netherlands.
The dispute will now be settled in the Court of the European Free Trade Association at Luxembourg, where procedures are likely to take about a year, Finance Minister Steingrimur j. Sigfusson, said April 10.
Moody's Investors Service 23 February warned that failure to resolve the dispute filing, called Icesave, would trigger a junk e-mail rating downgrade. Fitch Ratings Ltd. has ranked Iceland debt non-investment grade since the veto of January 2010 the Grimsson of an applicant agreement earlier. Said companies that Iceland will experience difficulties tapping international debt markets unless the depositor claims are resolved.
Grimsson accuses rating firms to mislead the Iceland policy makers before the crisis by giving banks credit high notes. According to him, that he has travelled the world praising the "peculiar." Iceland lenders since they received very positive comments by the authorities of international rating
In an April 11 interview with Bloomberg Television, he called history of Moody on the assessment of the risks of credit "appalling."
Board of special inquiry Iceland, which last April published approximately 3,000 pages of results on the causes of the banking crisis, said the role of the Grimsson in the financial collapse was "particularly interesting", according to the report.
"It cannot avoid probing the Office of the President especially in this regard, because of his servitude, for the trip and individuals at the forefront" concluded the report. Grimsson is "moral responsibility for the theatre piece", the report. It "forcefully draws a picture embellished, arrogant and nationalist of the superiority of the Icelanders, based on the former heritage." Note that some of the qualities that the thought of the President have been admirable were exactly the characteristics that led to their and the disappearance of the nation. ?
Grimsson, stated that his support for the industry was also based on assessments by the authority of financial supervision of the Iceland. The Board of special inquiry found since the regulator does not have to monitor the banks properly.
"Although there are a number of warning signs, regulatory authorities and the international rating agencies continue to give banks very good remarks," said Grimsson. "As my colleague heads of States promote the larger companies in their countries, but a long part of the Presidency of the Iceland," he said. "" "". In the decades preceding it was mainly the fishing industry and agricultural societies but 10 years ago, that banks have become the largest companies. ?
Moody, rated the sovereign debt of the Aaa Iceland up to five months before its financial sector collapsed in October 2008, has stated in an April 2006 report written by analyst Joan Feldbaum-Vidra concerns "risks that may accompany an increased influence in the economy" have "recently been exaggerated."
Grimsson, who became President in 1996, is now touring geothermal expertise Iceland global promotion, including it in a January 28 interview in Davos, Switzerland, called "a very important global mission for the Iceland."
Olafur Hauksson, Special Prosecutor of the Iceland, has investigated 112 cases related to the banking crisis of the island. The Supreme Court sentenced March 24 brokers to failed Kaupthing Bank hf, once lender more of the Iceland, to six months in jail after finding that they manipulated bond deals. The District Court of Reykjavik sentenced April 7 Baldur Gudlaugsson, former permanent Secretary to the Ministry of finance, to two years in prison for insider trading with Landsbanki shares. Haukur Thor Haraldsson, a former manager with Landsbanki, was charged with money transfer illegally the subsidiary of the Bank to his personal account.
The full investigation of financial crimes which led to the collapse of the banking Iceland will be completed by 2014, said Hauksson.
To contact the reporters on this story: Christian Wienberg in Omar Valdimarsson London cwienberg@bloomberg.net to the valdimarsson@bloomberg.net
To contact the editor responsible for this story: Tasneem Brogger to tbrogger@bloomberg.net
没有评论:
发表评论