Landsbanki Criticizes Changes to Fisheries Control Skip to content

Landsbanki Criticizes Changes to Fisheries Control

The executives of Landsbanki declared their concern this week about a bill on changes to the fisheries control system, reasoning that if the bill is approved the bank could lose up to ISK 25 billion (USD 219 million, EUR 152 million).

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Fishing in Iceland. Photo by Bjarni Brynjólfsson.

This figure does not include the loss the bank might suffer because of other debtors whose livelihood directly and indirectly depends on fisheries, as it says in the bank’s review of the bill, visir.is reports.

The review also states that the changes the bill calls for will create worse operating conditions in the fishing industry and reduce profitability.

Overall, the changes would have a negative impact on the financial situation and operating result of Landsbanki and thereby also on the Icelandic state, which is the bank’s largest shareholder.

In the review’s final conclusions, which were written by the bank’s director Steinthór Pálsson, it says that according to the bank’s evaluation, the bill must go through a complete overhaul.

Click here to read more about the controversial changes to the fishing quota system and here to read more about Landsbanki’s affairs.

ESA

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