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Icelandic banking collapse under investigation

Official sources in the Icelandic government believe that the ongoing investigation into the recent collapse of the Icelandic financial system could well reveal some controversial truths about the system, about leading figures and ultimately about how the collapse occurred. For many months there have been rumours of market manipulation, share ramping, large loans to connected parties and a number of offshore cash transfers will be investigated.

One MEP believes that the ongoing investigation will be the "largest investigation in history of an economic and banking bank collapse" leaving no stone unturned and likely to bring countries such as the UK into the mix. It is still something of a mystery as to how the Icelandic banking system collapsed so sharply because while the UK government was blamed for negative comments about the Icelandic currency, there is a lot more behind-the-scenes to this particular situation.

It is no secret that the UK government was forced to lend the Icelandic authorities a significant amount of money to effectively reimburse UK investors who lost out through Icelandic bank accounts. It is also well known that a large number of UK local authorities had significant funds deposited in the Icelandic banks or online operations owned by Icelandic banks. Quite what has happened and why it happened may or may not come out in the ongoing investigation.

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