Monday, Jan 28, 2008
You heard it first from LVMreader a little while ago
FT.com: Moody’s warns over Icelandic banks
Imagine the effect on the Yen Carry Trade
Iceland’s triple A rating from Moody’s Investors Service, the highest the credit rating agency offers, is “at a crossroads” because of the perceived fragility of the country’s banks.
Moody’s said, in a report published on Monday, the growth in the banks’ foreign currency liabilities might “stretch the authorities’ ability to manage a crisis”.
Posted by lvmreader @ 11:18 PM (597 views) Add Comment
6 Comments
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1. lvmreader said...
Remember this: http://www.housepricecrash.co.uk/newsblog/2007/09/blog-goodbye-iceland-i-hope-you-enjoyed-your-last-hurrah-7043.php
2. Crashhorizon said...
eek... got a fair stash in icesave.. (less than £35k though)
should i sacrifice their excellent rates and move to northern rock!!!??
3. japanese uncle said...
Who cares the "Investors Service" that gave away AAA to the garbage subprime CDOs and took the cut.
4. stillthinking said...
Iceland has been writ large in the minds of financial betters, who should have looked at the place. A population of 200,000 living mainly in an area the size of the airport, right next to the airport.
'might stretch the authorities'. Are we talking about individual street leaders here? The scout group captain? The brave fighters of the three 'cod wars' against the UK?
Maybe they won't give the cash back. No skin off their nose.
5. paul said...
Well, to be honest, anything Moody's says is in doubt these days. They have shown themselves to be utterly corruptible in the unfolding subprime crisis.
6. Jayk said...
A little worrying. But just limit your exposure to any one company to 35k and the risk is managed.
I have 34k with Icesave (which adheres to UK/FSA banking rules, including the deposit guarantee). Time for me to open a Sainsbury's account to run alongside.........