Central Bank of Iceland approves failed bank plans
Central Bank of Iceland approves ‘composition agreements’ by failed banks
The Central Bank of Iceland has given its approval to plans for the winding-up of the estates of the country's three failed banks, which could open up the next phase of lifting capital controls.
On October 28, the central bank published a report detailing its analysis of the estates' so-called ‘composition agreements', which detail how the remaining assets will be carved up and a ‘stability contribution' imposed to prevent a sudden rush of assets out of the country when capital controls lift.
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