Baldursson, Fridrik Mar; Portes, Richard - C.E.P.R. Discussion Papers - 2013
crisis of October 2008, when all three major banks in Iceland collapsed in three successive days. The country is still … 2007 led to severe imbalances. The banks had expanded at a rapid pace and reported healthy profits, capital ratios and … liquidity until their collapse. An official report (SIC, 2010) has, however, exposed severe weaknesses in the banks’ assets and …