Bloomberg News

Iceland’s FSA Says 30 Percent of All Loans Are Non-Performing

October 20, 2011

Oct. 20 (Bloomberg) -- More than 30 percent of all Icelandic corporate and household loans are non-performing, according to a statement from the island’s Financials Supervisory Authority.

It will take the Icelandic financial market about three to five years to work its way out of difficulties following the economic collapse in 2008, the financial watchdog said. It estimates that non-performing loans amount to 15 percent of the island’s lenders’ book value, according to the statement.

--Editor: John Simpson

To contact the reporter on this story: Omar R. Valdimarsson in Reykjavik valdimarsson@bloomberg.net

To contact the editor responsible for this story: Tasneem Brogger at tbrogger@bloomberg.net


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