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Panic

In: Bringing Down the Banking System

Author

Listed:
  • Gudrun Johnsen

Abstract

On September 15, 2008, the day when Lehman Brothers filed for bankruptcy, one of the three Icelandic banks, Glitnir, was already in a precarious situation, with a total of 550 million euros of loan repay ment sscheduled for October 13 and 15,1 amounting to roughly 50 percent of its equity2 and 3.2 percent of its total outstanding bond issues.3 In addition, Glitnir was due on payments of 1.2 billion euros during the first quarter of 2009, roughly 44 percent of the Icelandic state budget, and 14 percent of Iceland’s GDP in 2008. Glitnir had been working on securing funds for the repayment in several ways, including selling assets of its subsidiary in Norway to Nordea bank.

Suggested Citation

  • Gudrun Johnsen, 2014. "Panic," Palgrave Macmillan Books, in: Bringing Down the Banking System, chapter 0, pages 19-46, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-34735-0_3
    DOI: 10.1057/9781137347350_3
    as

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