Icelandic bank managers borrow billions and regulate themselves Skip to content

Icelandic bank managers borrow billions and regulate themselves

Morgunbladid reports today on the reply of the minister of trade to a question from a member of parliament concerning how much Icelandic banks had lent to the banks’ senior managers in the past years.

In her reply the minister refered to the annual reports of the banks in the years 2003 and 2004; the 2005 reports have yet to be published.

The reports reveal that senior managers of Islandsbanki borrowed ISK 1.2 billion from Islandsbanki in 2003 and ISK 3.2 billion in 2004. At KB-bank (Kaupthing) the amounts were ISK 1.2 billion and ISK 1.9 billion, respectively, and Landsbanki lent ISK 210 million and ISK 252 million to its managers during the same period.

The minister referred to the rules of the Icelandic Stock Exchange and said that there was no indication that they had been violated.

The chairman of the board of directors the Icelandic Stock Exchange is Bjarni Ármansson, CEO of Íslandsbanki.

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