Word: repayment
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Santander's only stumble has been steering some of its private-banking clients into Bernard Madoff's Ponzi machine through its Geneva-based Optimal hedge funds. It moved fast to make good, offering to repay 100% of the sums invested. Santander says 94% of its Madoff victims have accepted, costing the bank $648 million at current exchange rates. It also returned $235 million to the Madoff estate in a settlement of claw-back claims with U.S. trustee Irving Picard...
...University’s “AAA” credit rating is one of their top priorities. Though many colleges and universities, including Dartmouth, have seen their credit ratings downgraded due to fallout from the economic recession, outsiders remain confident in Harvard’s ability to repay its debt...
...Iceland took a dramatic stand in the conflict last week when President Olafur Grimsson refused to sign a bill requiring his country to repay the $5 billion that's owed to the British and Dutch citizens who deposited their savings in an online Icelandic bank that collapsed in 2008. Icesave, a subsidiary of the Icelandic bank Landsbanki, offered eye-popping interest rates of up to 15% to foreigners before the crash. (See pictures of the global financial crisis...
...Although Grimsson insists that Iceland will repay the debt - which amounts to about one-third of Iceland's annual output, or $17,400 per Icelander - he says the British and Dutch governments are trying to bully the country into accepting an extortionate interest rate of 5.55% over 15 years. He called for a referendum, set for Feb. 20, on whether the country should accept the repayment plan...
...Other analysts say that Iceland's future may not be as imperiled as the British and Dutch suggest. "When you have a debtor who cannot repay immediately, what do you do? Do you beat Iceland to pieces? If you do, the chances of getting the money back goes down the drain," says Daniel Gros, director of the Centre for European Policy Studies in Brussels and a board member of the Central Bank of Iceland. "The U.K. and Netherlands may feel that it would be easier to be repaid if Iceland is in the E.U." (Read "Iceland's Urgent...