That seems to be the implication of the headline on ireland.com. I do not have a Times subscription to post the article but if someone does please post it. It also says that Michael Fingleton has just 6 weeks to go before he must retire at 70. There is also a further article on more disciplinary manoveres by Nationwide against the loans manager who secured an injunction against them.
There are some who suggest that the meteoric rise of Iceland as something of a financial force in recent years is due to funding arriving from certain organised groups of individuals who live in the Moscow area. Although no proof has ever been made public, there is a wide spread belief in “the city” that Iceland, and in particular it’s financial institutions, is being used as a ‘clearing house’ for roubles and other currencies generated by activities that may been collected by means considered outside the mainstream.
If that’s the case and Landsbanki does “win the race” for Irish Nationwide (seems to be a very slow race by all accounts) then I wonder will those falling behind on their mortgages could find themselves receiving a knock on the door from some burly eastern European chaps seeking payment.
telegraph.co.uk/money/main.j … and103.xml
The Telegraph has a more prosaic reason why Landesbanki may be pulling back - their foundations are sand.
It seems that Iceland has a touch of the Finland about it. (Not that I’m throwing mud or anything, Ireland’s new banking paradigm has yet to be tested).
The borrowing binge that Icelandic companies have gone on is mind boggling. Keep well away from any Icelandic companies What’s the Central Bank rate now? Something silly like 15%