Tuesday, Mar 18, 2008
Got money in Icesave or Kaupthing? Read and think again! I have!
This is money: Iceland's banks top 'riskiness league'
In the days and hours before the crisis hit Bear Stearns, its CDS price hit 720 points. The message being sent out by the credit markets was clear - the bank's debt is very high risk. Credit insurance for debts at Iceland's biggest bank, Landsbanki, is priced at 610 points while that for Kaupthing is priced at a hair-raising 856. Given that these two have taken billions in UK retail deposits, it may be a sobering thought for savers to consider where they are putting their cash. These banks are now seen as the most unsafe in the developed world.
Posted by cheekie charlie @ 09:17 PM (317 views) Add Comment
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