Tuesday, June 22, 2010

Banks in Iceland against the Supreme court ? - foreign currency loans

The Icelandic Supreme court ruled  few days ,that loans based on foreing currency,are not leagal .
This means that people that had loans in foreign currency , will get it fixed to Icelandic currency.
For example , if a man had a car loan ,wich is now in 2. 5 million kronas, but he has also payd 500 thousand kronas,  the Supreme court ruling, means that the loan is now 500 thousnad ,plus interests,and not 2.5 million.
The Courts ruling , was about car loans, but it will probably also mean , that all loans in foreing currency in Iceland , are not leagal.

The banks might not follow the ruling .
Everything in the loan is ok except the foreing currency .
So the loan might have had 2 percent interests, and they have to , accoridng to the Supreme court, just change the loans to Icelandic Kronas.

But the banks want to try and put higher interests rates,.
The banks in Icelands made a run on the Icelandic Krona, so they would get more interests on the Foreign currency loans.
The public did not attack the krona.

If the Banks and ICelands financial institutions do not follow the Supremes Couts Ruling, then the Icelandic Goverment ,must force them to do so.

But it does not matter ,who is in control of the Icelandic Goverment,  Right politics or Left politics, Money  always rules .

And here is a link to a great guesthouse ,wich is cheap , and in the country side.

Here below is video i took , of a Viking Festival last weekend


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