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It’s now long since the fateful days in early October when the three main banks in Iceland collapsed, a story well told in an investigative report in April 2010 and on Icelog over the years. However, in Luxembourg untold Icelandic stories still loom, regarding Landsbanki Luxembourg and its equity release loans sold in France and Spain and an entity closely related to Kaupthing and its managers. CSSF, the Luxembourg regulator has kept its blind eye on these stories. But once in a while, the CSSF does rise t
For decades, equity release loans sold mainly to elderly people – often asset rich but cash poor – have caused problems in various countries. Problems, which were not spelled out by the agents, who sold these loans in France and Spain as agents for or on behalf Landsbanki Luxembourg. When the bank collapsed, following the collapse of the mother bank in Iceland, the investment part of these loans were wiped out.