Iceland’s Sparisjódsbanki Dependent on State Skip to content

Iceland’s Sparisjódsbanki Dependent on State

CEO of the Icelandic investment bank Sparisjódsbanki (formerly known as Icebank), Agnar Hansson, said the bank is dependant on the Icelandic state; it had claims worth ISK 150 billion (USD 1.3 billion, EUR 1.0 billion) in the collapsed banks.

“Our existence depends on the mercy of officials; we cannot argue against it,” Hansson told Fréttabladid.

A strategy on the disallowance of debt, the extension of loans and changing claims into equity was presented to Sparisjódsbankinn’s claimants in February.

The bank is in control of the only payment portal in Iceland to foreign countries apart from the Central Bank.

“We are examining the possibility of maintaining the foreign connection. The bank is worth more if it stays alive,” Hansson concluded.

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