We are sorry what happened to ICESAVE!

People of Iceland

Please understand that although SOME Icelanders where involved, that ALL Icelanders should neither be held morally or financially responsible.

It was a PRIVATE bank that was involved, Landsbanki. The biggest individual shareholders are in fact residents of the UK and NOT Iceland! The same goes for individuals that owe the bank.

It is true that there where many Icelandic investors who owned shares in the bank, but it is already clear they have lost all their investment!

It was clear a long time ago to regulatory authorities (and that includes the UK regulators) that due to the size of the Icelandic banks, that the Icelandic government would not be able to prop them up in a worst case scenario, given that the Icelandic banks operations where 12 times the size of the Icelandic national income.

The above argument also goes for the UK banks, in a worst case scenario the UK government would have difficulty in propping up UK banks which are 4 times the size of the UK national Income.

The people of the UK should be ever so grateful to the people of Iceland which served as a diversion for Mr Gordon Brown, prime minister of the UK when his own banks where facing a similar crises. (We do not blame the people of the UK though, the vast majority of which are great people that would never ever, kick someone who was down).

Please send your comments and any corrections to iniceland@gmail.com

icesave: set up and owned by UK residents backed by assets in the UK until the world financial crisis made these assents loose some of their worth.