“What fooled people was the progress of the stock prices in this country. For a long time stock prices were fixed, but the banks had to use their own money, which weakened them,” sayd Margeir Pétursson, who is on the board of MP bank, in an interview with Morgunblaðið Sunday edition. He thinks it was reprehensible, how things were done.
“Also, It was often told that evil foreigners were forcing the bank risk-points rate upwards. To proof that, stock market prices in Iceland had declined less than stock in foreign banks. Why was that? It was because the banks them selfs where holding the price up. Thats why correct information wasn’t being delivered through the market.”