Iceland is expected to move closer to ending seven years of capital controls on Friday, when the creditors of failed lender Landsbanki Islands hf are due to approve a so-called stability payment [following agreement by creditors of Kaupthing hf & Glitnir hf].
An exemption application from certain restrictions under the Act on Foreign Exchange (No. 87/1992) was submitted by Kaupthing to the Central Bank of Iceland on Friday, 4 September 2015.
The Liquidator's Report to Creditors for the period 10 January 2015 to 9 July 2015 is available here
Highlights at 9 July 2015
- 100p in the £ dividends paid to creditors
- £932.9m of assets recovered
- 93.0% of loan book recovered
During the quarter to 30 June 2015, cash balances increased by approximately £2.3 million. One loan facility was redeemed in full realising approximately £2.5 million. Full details on the bank website here
Six defendants in the Kaupþing market manipulation case, the biggest case of this type in Iceland’s history, have been handed prison sentences ranging from one year to four years and six months.