Monday, January 28, 2008

You heard it first from LVMreader a little while ago

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 (951 views)
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6 thoughts on “You heard it first from LVMreader a little while ago

  • eek… got a fair stash in icesave.. (less than £35k though)
    should i sacrifice their excellent rates and move to northern rock!!!??

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  • japanese uncle says:

    Who cares the “Investors Service” that gave away AAA to the garbage subprime CDOs and took the cut.

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  • stillthinking says:

    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.

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  • 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.

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  • 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………

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