BNP Paribas report: Icelandic banks ? No Melting Down....
One of the largest bank in French, BNP Paribas, has conclude in newly report - no melting down in the Icelandic bank system. The report authors conclude they have been negative on Icelandic banks since early October, but Q4 reporting next week for these banks and current repricing has forced them to review their stance.
In their view, the market initally overreacted about concerns over investment companies, and since then Icelandic banks have been punished by market risk aversion and a general bear market. See further report.