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Russian Loans Iceland €4 billion
Russia has decided to issue a €4-billion credit to Iceland, Reuters reports, citing information from the Sedlabanki, the Icelandic central bank. The credit will significantly increase the assets of the Sedlabanki and reinforce the Icelandic crown, which has lost a third of its exchange value this year due to the world financial crisis.
The credit will be issued to the central bank for four years, Interfax reports, at a rate of LIBOR+0.3-0.5%.
It became known on October 7 that the Icelandic financial regulator took control of the country’s second largest bank, Landsbanki, in order to shield it from the effects of the crisis. That was reported by Agence France Presse. At the end of last month, Glitnir Bank, one of the country’s top three, was nationalized. Another Icelandic bank, Kaupthing, was granted a €500-million credit from the Sedlabanki.
www.kommersant.com
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