The status of Arion bank

The big question of today is about the real owners of the Icelandic banks Arion (the restored Kaupthing) and Íslandsbanki (the restored Glitnir). The debt collections are large, and the stakeholders who own the debts got the banks from the Icelandic government.

The main question is this: Who really owns the banks?

The answer is not a simple one, but short.

We do not know. The government claims it to be foreign investors who have stakes to claim from the old estates. That is true, but we are not allowed to know who those investors are.

There is an company registered in Irelend that is a large shareholder in one of the banks, but nobody seems to know anything about that company.

A rumor has been going on for a long time, and one of the most influential journalists in Iceland, Egill Helgason aired it again just the other day, that Ólafur Ólafsson of Samskip and one of the biggest culprits of the whole economic crisis is said to be one of the largest owners of Arion bank.

According to reliable source it has been claimed that Arion bank was very weak. Even weaker than the government is letting on. At this time, according to our source,  it is really a matter of touch and go for the survival of the bank. Arion could be on the verge of bankruptcy….again. So serious is the status of the bank that the government is trying to save it and to spin the discussion away from this possible disaster.


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