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Michael Masterman talks on WRES potential & Tungsten market


Finance & Stock Market News


Iceland says Landsbanki assets worth $1.4 bln more

Wed, 2nd Mar 2011 18:02


REYKJAVIK, March 2 (Reuters) - Iceland said on Wednesday it had revised up
its estimate of the value of the assets of failed bank Landsbanki, a casualty of the 2008 financial crisis, so that it now had some $1.4 billion more with which to pay off debts to creditors.

Britain and the Netherlands spent billions of pounds and euros to compensate savers who lost money in so-called 'Icesave' accounts operated by Landsbanki, and both countries have been pressing Iceland to get money back.

The small island nation has long said that assets from Landsbanki would be able to take care of a large chunk of the debt, which totalled about $5 billion. The countries have a deal in place on repayments, although Icelandic voters now need to approve the accord in a referendum on April 9.

'The real value of the asset portfolio has increased in foreign currencies (by) just under 160 billion Icelandic crowns from April 30 2009 to the end of year 2010,' Landsbanki's resolution committee said on its website.

The Icelandic crown is not traded freely due to strict capital controls, but according to the central bank's latest crown value, 160 billion crowns is worth $1.4 billion.

Opinion polls show Icelanders will approve the new deal.

A resolution to the Icesave dispute is seen as important for the country's recovery and eventual financial rehabilitation.

(Reporting by Anna Ringstrom; Editing by Hugh Lawson) Keywords: ICELAND DEBTS/

(anna.ringstrom@reuters.com; +45 33 96 96 49, Reuters Messaging: anna.ringstrom.reuters.com@reuters.net)

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