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Wednesday, June 30, 2010

Iceland Central Bank does not like the Supreme court ruling

Now after the Supreme Court ruling,on the loans that are illeagal, Finacial institutions are trying to find ways so that the banks dont loose much money.

And this morning , the Central Bank , had a press conference,and said,that the interests rates,on the loans, should be the smae as are at the Central Bank.
But the Icelandic law says ,that when loans are illegal , the interests rate should be in for the Loantaker.
Wich means that the interests that where on the loan ( 2-4 %) should be used .
But the govermnet and every political member ,is trying to find ways to save the banks money, but sell the customer short.

Icelands parliement wich is voted by the people,to serve the country and people,is now just all in favour of the companys and banks, but the public can all go bankrupt.
It looks like that the Supreme Court has now power ,and looks like that they do not have to follow its ruling.
Strange justice system here in Iceland.
Many say that the Central Bank is working for the private banks,and not for the people and goverment.

Here is a video ,of when the Central Bank was attacked on december1st 2008