Panic

Gudrun Johnsen

Chapter Chapter 3 in Bringing Down the Banking System, 2014, pp 19-46 from Palgrave Macmillan

Abstract: Abstract On September 15, 2008, the day when Lehman Brothers filed for bankruptcy, one of the three Icelandic banks, Glitnir, was already in a precarious situation, with a total of 550 million euros of loan repay ment sscheduled for October 13 and 15,1 amounting to roughly 50 percent of its equity2 and 3.2 percent of its total outstanding bond issues.3 In addition, Glitnir was due on payments of 1.2 billion euros during the first quarter of 2009, roughly 44 percent of the Icelandic state budget, and 14 percent of Iceland’s GDP in 2008. Glitnir had been working on securing funds for the repayment in several ways, including selling assets of its subsidiary in Norway to Nordea bank.

Keywords: Prime Minister; International Monetary Fund; Credit Rating; Chief Executive Officer; Deposit Insurance (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-34735-0_3

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DOI: 10.1057/9781137347350_3

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