Iceland Launches Investigation into Collapse of Banks Skip to content

Iceland Launches Investigation into Collapse of Banks

Prime Minister Geir H. Haarde and Minister of Commerce Björgvin G. Sigurdsson announced at a press conference on Friday that the government in cooperation with the opposition parties will appoint a committee to investigate the run-up and causes of the collapse of the banking system.

Prime Minister Geir H. Haarde (left) and Minister of Commerce Björgvin G. Sigurdsson speaking during Friday’s press conference. Copyright: Icelandic Photo Agency.

“We will not accept that possible crimes committed within the banking system should be left uninvestigated. We want to make sure that such affairs be scrupulously investigated and we vow that the same rules will apply to all and that there will be no special treatment,” Haarde said during the press conference as Fréttabladid reports.

The committee is expected to operate within a certain frame of concurrent resolution or laws set by the Althingi parliament. It will also undertake a general enquiry of the banking environment and the Financial Supervisory Authority (FME) and the police will investigate other aspects.

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