News
Every Icelander May Receive 30,000 ISK From Bank Sale

Every Icelander May Receive 30,000 ISK From Bank Sale

Photos by
Baldur Kristjáns

Published October 24, 2015

Minister of Finance Bjarni Benediktsson has promised that each Icelander will get a 30,000 ISK pay-out for the proposed Íslandsbanki bank sale.

Speaking to attendees of the national convention of the Independence Party, of which Bjarni is the chairperson, Kjarninn reports that he submitted the idea that 5% of Íslandsbanki’s shares be distributed to each and every Icelander. As the value of the bank is currently placed at 187 billion ISK, 5% would come out to about 9.3 billion ISK, or just under 30,000 ISK for each Icelander.

“I am saying that the government take some decided portion, 5%, and simply hand it over to the people of this country,” he told attendees.

As reported, Íslandsbanki’s creditors have proposed that ISB Holding ehf., which owns 95% of shares in Íslandsbanki hf., transfer their entire holding in Íslandsbanki to the State, which would then become full owner of the bank.

This would put two of Iceland’s banks under the ownership of the government, RÚV reports, and Guðlaugur Þór Þórðarson, the vice chairperson of the Budget Committee, told reporters he was not especially happy about the government owning the bank, but that he believes it may be a necessary step towards lifting capital controls.

Minister of Finance Bjarni Benediktsson is more positive about the idea, saying that it will likely bring more foreign capital into the country. Former Minister of Finance and current Left-Green MP Steingrímur J. Sigfússon was not quite as optimistic, telling listeners of radio station Rás 2 this morning that “we shouldn’t lose the banks to the hands of fools,” saying that Iceland should rather focus on “separating commercial banking from investment banking.”

Nothing exact has yet been set on when this 5% share in the bank – which, being owned by the State, effectively means it will be 100% owned by the people – will be distributed or how.


News
Much Better Voter Turn-Out Expected This Year In Iceland

Much Better Voter Turn-Out Expected This Year In Iceland

by

A higher voter turn-out for this Saturday’s municipal elections than in 2014 is expected, based on the volume of absentee

News
May The Storms Be With You: More Weather Alerts Issued In Iceland

May The Storms Be With You: More Weather Alerts Issued In Iceland

by

An alert has been issued today for the area of Faxaflói Bay, Breiðarfjörður and the south coast of Iceland due

News
American Couple Dies During Fishing Trip In Iceland

American Couple Dies During Fishing Trip In Iceland

by

An American couple died in Iceland yesterday after an accident occurred on Sunday at Lake Þingvallavatn in Þingvellir National Park,

News
Immigration Contradicting Itself, Breaking UN Guidelines In Trans Refugee Case

Immigration Contradicting Itself, Breaking UN Guidelines In Trans Refugee Case

by

The Directorate of Immigration (UTL) is contradicting its own policies, and appears to be breaking United Nations guidelines, when it

News
Island Life: Village Nets 100m ISK Surplus, Reykjadalur Opens & The Return Of The Tern

Island Life: Village Nets 100m ISK Surplus, Reykjadalur Opens & The Return Of The Tern

by

The tiny East Iceland village of Vopnafjörður made headlines when their bookkeeping brought to light that they have a surplus

News
Far-Right Islamophobe Cancels Trip To Iceland

Far-Right Islamophobe Cancels Trip To Iceland

by

English Defence League co-founder Tommy Robinson, who was scheduled to give a lecture today in Iceland, will not be coming

Show Me More!