Former CEO of Iceland’s Glitnir Admits Mistakes Skip to content

Former CEO of Iceland’s Glitnir Admits Mistakes

By Iceland Review

Bjarni Ármannsson, former CEO of Glitnir Bank (which has now been nationalized and re-branded as Íslandsbanki), wrote an article published in today’s Fréttabladid in which he discusses the reasons for the crisis and identifies his own mistakes.

Former CEO of Glitnir Bank Bjarni Ármannsson. Copyright: Icelandic Photo Agency.

“I can be angry with myself for having made decisions [that contributed towards] developing a system that didn’t survive, but I have to live with those decisions,” Ármannsson writes.

Ármannsson argues in his article that the different elements of the Icelandic financial system formed a basis that was too weak to withstand the fluctuations of the international economic crisis.

“We made a mistake in developing a system that was too large in a too short period of time, relying on a currency that was too small and a monetary policy which couldn’t work for long in the world of international trade,” Ármannsson states.

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