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Banking

Ignorant analysts

“The events of February and March can be blamed in part on the relative lack of knowledge about the Icelandic economy and its peculiarities, which was reflected in some reports,” says prime minister Geir Haarde.

Iceland: Crisis? What crisis?

Iceland’s financial supervisory authority: Tight supervision

Iceland’s finance minister: What went wrong and what comes next

Geir Haarde, prime minister “The events of February and March can be blamed in part on the relative lack of knowledge about the Icelandic economy”
Geir Haarde, prime minister

Analysts’ reports from rating agencies and banks have been at the heart of many of the developments in the Icelandic economy over the past seven months. “The events of February and March can be blamed in part on the relative lack of knowledge about the Icelandic economy and its peculiarities, which was reflected in some reports,” says prime minister Geir Haarde. These views are echoed by Jonas Fridrik Jónsson, director general at Iceland’s financial supervisor, Fjármálaeftirlitsins (FME) or financial supervisory authority. He notes that the quality of reports that emerged since the beginning of the year has been “highly variable”. He continues: “There have been conclusions drawn that do not fit with the facts, or which fail to take account of other circumstances in Iceland.

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