According to Ríkisútvarpid the German banking giant Deutsche Bank is now investigating the actions of the owners and managers of Landsbanki prior to the October 2008 collapse to see if any laws were broken. The station claims the investigation aims at finding out whether those involved might be prosecuted in either Iceland or Germany and some lost money recovered. Posts Tagged ‘Deutsche Bank’
Deutsche Bank Investigates Former Landsbanki’s Principal Players
Sunday, April 4th, 2010According to Ríkisútvarpid the German banking giant Deutsche Bank is now investigating the actions of the owners and managers of Landsbanki prior to the October 2008 collapse to see if any laws were broken. The station claims the investigation aims at finding out whether those involved might be prosecuted in either Iceland or Germany and some lost money recovered. Deutsche Bank Crap Comparison
Tuesday, September 29th, 2009It does matter how you say things doesn’t it.
The Financial Times Alphaville blog has this following snippet on a Deutsche Bank comparison of Iceland and Ireland.
That’s Deutsche Bank, to be exact, in a note entitled “Iceland v Ireland: Is the difference really only one letter?”
In it, DB is exploring the differences between the two island economies — starting with a bit of historical background:
Iceland and Ireland have some historical ties. For example in the 10th century Norse chiefs are known to have taken female slaves from Ireland (and Scotland) to Iceland, helping to explain the similarities in appearances between Irish and Icelandic populations! But never before have we seen such frequent comparisons between the two countries as last October. Both economies rapidly felt the backlash of the global credit crunch and governments were forced to take radical measures to rescue their banking sectors. The most obvious difference between the two situations is Ireland’s membership of [the Ec0nomic and Monetary Union] allowing it to access ECB liquidity to help funding the banking sector and sovereign. This allowed Ireland to escape Iceland’s currency collapse, an immediate and rapid deterioration of domestic private sector debt servicing capabilities and the imposition of widespread capital controls.
Now, however, Ireland’s membership in the eurozone could be one of the things which hinders its recovery.
As the analysts point out, the Icelandic krona’s precipitous fall in value has helped the country’s economy regain some of its national competitiveness. In contrast, Ireland is `stuck’ in the eurozone — unable to competitively devalue its currency:
Looking ahead we see potential for the two case studies to diverge. Iceland’s floating exchange rate, such a foe last year, could become a friend. Over recent quarters it has helped Iceland export its recession while huge competitiveness gains combined with valuable natural resources and the potential for E(M)U entry offer Iceland a chance to emerge from this crisis, of historical proportion by any standards, pretty rapidly over the coming 1-2 years. In contrast Ireland is struggling to improve competitiveness while searching for a new business model. In the absence of growth and at the risk of deflation, paying down its ballooning debt burden will become an increasing challenge. While the downside risks to the Icelandic economy remain hefty, in our view the upside is more obvious than in the case of Ireland.
What’s Irish for “uh oh” ?
That’s Deutsche Bank, to be exact, in a note entitled “Iceland v Ireland: Is the difference really only one letter?”
In it, DB is exploring the differences between the two island economies — starting with a bit of historical background:
Iceland and Ireland have some historical ties. For example in the 10th century Norse chiefs are known to have taken female slaves from Ireland (and Scotland) to Iceland, helping to explain the similarities in appearances between Irish and Icelandic populations! But never before have we seen such frequent comparisons between the two countries as last October. Both economies rapidly felt the backlash of the global credit crunch and governments were forced to take radical measures to rescue their banking sectors. The most obvious difference between the two situations is Ireland’s membership of [the Ec0nomic and Monetary Union] allowing it to access ECB liquidity to help funding the banking sector and sovereign. This allowed Ireland to escape Iceland’s currency collapse, an immediate and rapid deterioration of domestic private sector debt servicing capabilities and the imposition of widespread capital controls.
Now, however, Ireland’s membership in the eurozone could be one of the things which hinders its recovery.
As the analysts point out, the Icelandic krona’s precipitous fall in value has helped the country’s economy regain some of its national competitiveness. In contrast, Ireland is `stuck’ in the eurozone — unable to competitively devalue its currency:
Looking ahead we see potential for the two case studies to diverge. Iceland’s floating exchange rate, such a foe last year, could become a friend. Over recent quarters it has helped Iceland export its recession while huge competitiveness gains combined with valuable natural resources and the potential for E(M)U entry offer Iceland a chance to emerge from this crisis, of historical proportion by any standards, pretty rapidly over the coming 1-2 years. In contrast Ireland is struggling to improve competitiveness while searching for a new business model. In the absence of growth and at the risk of deflation, paying down its ballooning debt burden will become an increasing challenge. While the downside risks to the Icelandic economy remain hefty, in our view the upside is more obvious than in the case of Ireland.
What’s Irish for “uh oh” ?
Today, this becomes anti-EU fodder for mbl.is, Morgunbladid’s website. Ireland is stuck and fu**ed in the EU while Iceland has massive opportunities with the ISK.
What is not being said is that it is the general population of Iceland which has been screwed over multiple times, and the ISK is as always a powerful tool for exporters, in Iceland’s case, fish exporters, who own Morgunbladid are the only ones benefiting from the collapsed ISK.
The sentence “the potential for E(M)U entry offer Iceland a chance” is also mind-boggling if the objective is to criticize the EU and the Euro and laud the ISK.
A major cause of the problems facing Iceland is the weapon of mass destruction called the ISK. How easily it is manipulated is one of the major reasons for the economic collapse. To celebrate it as a saviour is like praising the arsonist for bringing a bucket of water to the fire.
There is a big difference in the two nations. Iceland is a Nordic welfare state which was robbed. Ireland did not have a comparable welfare base when they began their rapid laissez-faire growth period. Iceland’s “friendly floating exchange rate” is brilliant if you are a risk-taking hedge fund manager, not so if you are a family in Reykjavik.
It would be nice to see Deutsche Bank economists dig deeper than folk myths and conducting light comparison of different countries. The danger is that other people eat it up.
Deutsche Bank Crap Comparison
Tuesday, September 29th, 2009It does matter how you say things doesn’t it.
The Financial Times Alphaville blog has this following snippet on a Deutsche Bank comparison of Iceland and Ireland.
That’s Deutsche Bank, to be exact, in a note entitled “Iceland v Ireland: Is the difference really only one letter?”
In it, DB is exploring the differences between the two island economies — starting with a bit of historical background:
Iceland and Ireland have some historical ties. For example in the 10th century Norse chiefs are known to have taken female slaves from Ireland (and Scotland) to Iceland, helping to explain the similarities in appearances between Irish and Icelandic populations! But never before have we seen such frequent comparisons between the two countries as last October. Both economies rapidly felt the backlash of the global credit crunch and governments were forced to take radical measures to rescue their banking sectors. The most obvious difference between the two situations is Ireland’s membership of [the Ec0nomic and Monetary Union] allowing it to access ECB liquidity to help funding the banking sector and sovereign. This allowed Ireland to escape Iceland’s currency collapse, an immediate and rapid deterioration of domestic private sector debt servicing capabilities and the imposition of widespread capital controls.
Now, however, Ireland’s membership in the eurozone could be one of the things which hinders its recovery.
As the analysts point out, the Icelandic krona’s precipitous fall in value has helped the country’s economy regain some of its national competitiveness. In contrast, Ireland is `stuck’ in the eurozone — unable to competitively devalue its currency:
Looking ahead we see potential for the two case studies to diverge. Iceland’s floating exchange rate, such a foe last year, could become a friend. Over recent quarters it has helped Iceland export its recession while huge competitiveness gains combined with valuable natural resources and the potential for E(M)U entry offer Iceland a chance to emerge from this crisis, of historical proportion by any standards, pretty rapidly over the coming 1-2 years. In contrast Ireland is struggling to improve competitiveness while searching for a new business model. In the absence of growth and at the risk of deflation, paying down its ballooning debt burden will become an increasing challenge. While the downside risks to the Icelandic economy remain hefty, in our view the upside is more obvious than in the case of Ireland.
What’s Irish for “uh oh” ?
That’s Deutsche Bank, to be exact, in a note entitled “Iceland v Ireland: Is the difference really only one letter?”
In it, DB is exploring the differences between the two island economies — starting with a bit of historical background:
Iceland and Ireland have some historical ties. For example in the 10th century Norse chiefs are known to have taken female slaves from Ireland (and Scotland) to Iceland, helping to explain the similarities in appearances between Irish and Icelandic populations! But never before have we seen such frequent comparisons between the two countries as last October. Both economies rapidly felt the backlash of the global credit crunch and governments were forced to take radical measures to rescue their banking sectors. The most obvious difference between the two situations is Ireland’s membership of [the Ec0nomic and Monetary Union] allowing it to access ECB liquidity to help funding the banking sector and sovereign. This allowed Ireland to escape Iceland’s currency collapse, an immediate and rapid deterioration of domestic private sector debt servicing capabilities and the imposition of widespread capital controls.
Now, however, Ireland’s membership in the eurozone could be one of the things which hinders its recovery.
As the analysts point out, the Icelandic krona’s precipitous fall in value has helped the country’s economy regain some of its national competitiveness. In contrast, Ireland is `stuck’ in the eurozone — unable to competitively devalue its currency:
Looking ahead we see potential for the two case studies to diverge. Iceland’s floating exchange rate, such a foe last year, could become a friend. Over recent quarters it has helped Iceland export its recession while huge competitiveness gains combined with valuable natural resources and the potential for E(M)U entry offer Iceland a chance to emerge from this crisis, of historical proportion by any standards, pretty rapidly over the coming 1-2 years. In contrast Ireland is struggling to improve competitiveness while searching for a new business model. In the absence of growth and at the risk of deflation, paying down its ballooning debt burden will become an increasing challenge. While the downside risks to the Icelandic economy remain hefty, in our view the upside is more obvious than in the case of Ireland.
What’s Irish for “uh oh” ?
Today, this becomes anti-EU fodder for mbl.is, Morgunbladid’s website. Ireland is stuck and fu**ed in the EU while Iceland has massive opportunities with the ISK.
What is not being said is that it is the general population of Iceland which has been screwed over multiple times, and the ISK is as always a powerful tool for exporters, in Iceland’s case, fish exporters, who own Morgunbladid are the only ones benefiting from the collapsed ISK.
The sentence “the potential for E(M)U entry offer Iceland a chance” is also mind-boggling if the objective is to criticize the EU and the Euro and laud the ISK.
A major cause of the problems facing Iceland is the weapon of mass destruction called the ISK. How easily it is manipulated is one of the major reasons for the economic collapse. To celebrate it as a saviour is like praising the arsonist for bringing a bucket of water to the fire.
There is a big difference in the two nations. Iceland is a Nordic welfare state which was robbed. Ireland did not have a comparable welfare base when they began their rapid laissez-faire growth period. Iceland’s “friendly floating exchange rate” is brilliant if you are a risk-taking hedge fund manager, not so if you are a family in Reykjavik.
It would be nice to see Deutsche Bank economists dig deeper than folk myths and conducting light comparison of different countries. The danger is that other people eat it up.
Deutsche Bank Rejects Claims by Former Kaupthing Chair
Tuesday, August 11th, 2009
A spokesperson for Deutsche Bank rejects claims made by former Kaupthing chairman Sigurdur Einarsson in a letter from January 2009 that the bank had advised Kaupthing to purchase credit default swaps in itself, as reported last week. Too proud for help, not anymore
Tuesday, July 14th, 2009The people of Iceland are being punished for the misbehavior of the countries financial elite
This might come as an surprise to some, Iceland had its share of financial elites, I say had because they are all gone now. Most of them are running away as fast as they can, trying to move all valuables to tax-havens before the government puts a freeze on there assets. Yes, the government of Iceland has yet to freeze any assets since the banking crisis hit almost 10 months ago.
The world never stops to let me down, everything is falling apart, there is no trust left anywhere. Even the Social Democrats who came into power only a few months ago, when Iceland elected its first pure left government, have done nothing but let us down. From a fresh breeze to a rotten old smell of disgusting politics, only a few days are needed to turn a group of decent parliamentarians into pale blood sucking pack of scumbags.
Last summer, If anyone had asked my if Iceland needed help I would have laughed in their face. Help? We don’t need anyone, we have everything right here and more. The investigations into the collapse is going slowly, but these things are complicated, that’s why we have imported help from Norway in the form of Eva Joly. Right now, that’s all the hope I have left in the system, it has come down to a single person almost. If Eva Joly can’t get those bankers, no one can.
We can’t wait for the EU membership, that thing takes years, and why should Iceland join the EU anyway? The other Scandinavian countries have turned there back on us. No help from there, unless we agree to pay billions for the Icesave accounts. Its a fact, the regular Joe’s of Iceland had no clue how the Icelandic banks could offer better interest rates then Deutsche bank. We can’t pay anyway, its just too much for tiny Iceland. The Icelandic Economic Miracle was all a big shame, we know that now, sorry. Please don’t let us pay for the sins of a handful of bankers. They had us for fools.
- Andri Sigurðsson