SPRON Claimants Surprised at IMF’s Involvement Skip to content

SPRON Claimants Surprised at IMF’s Involvement

By Iceland Review

After consulting with the International Monetary Fund (IMF), the Icelandic Financial Supervisory Authority (FME) concluded that SPRON savings bank could not fulfill conditions on equity ratio, much to the surprise of its claimants.

SPRON’s Borgartún branch in Reykjavík. Photo by Eygló Svala Arnarsdóttir.

SPRON, along with Sparisjódsbankinn, was nationalized last weekend.

When the decision was made, a steering committee on behalf of SPRON’s claimants was working with the FME on a strategy to prevent the bank from collapsing and, allegedly, successfully so.

According to the sources of Fréttabladid business supplement Markadurinn, SPRON’s claimants are highly dissatisfied with this development and surprised that the IMF would refuse to consider their interests since negotiations on disallowance of debt and extension of loans had not been completed.

In emails that SPRON’s claimants sent to authorities on Friday, one day before the bank was taken over by the FME, they warned against untimely actions that might be based on misunderstanding and poor consultancy.

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