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Icelandic Banks

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I don't pretend to understand all this stuff, but it seems that a fair amount of Icelandic lending has found it's way into the UK recently and it looks like that cash has now dried up....


In case anyone doesn't know the Heritable Bank, which offers UK savings accounts that sometimes feature in best offer tables and specializes in mortages and residential property, is a subsidiary of an Icelandic bank (Landsbanki Islands).

There are clearly some worries about how vulnerable Icelandic banks may be to economic, especially currency, shocks. This is the Landsbanki Islands website:


It's having to respond to these concerns with reassuring noises about its strength and stability. To be fair Fitch did not change their rating but they did reexamine it. I've read some commentaries that link the recent problems of the Icelandic krona with the BoJ policy change and the questions over the sustainability of the yen carry trade.

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  • 301 Brexit, House prices and Summer 2020

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