“Definitely we would come to the rescue of a bank – definitely.

“The banking system in Iceland is very large compared to the economy, but still we think we can maintain the problem because the balance sheet of the bank is very good.”

“They have not been involved in sub-prime or buying housing debts from abroad and we are pretty confident that the balance sheet is healthy and the banks can operate healthily in the future.”

Those where the words of Tryggvi Thor Herbertsson, current MP for the Independence Party and then economic advisor to Geir Haarde’s government on the BBC October 6, 2008.

Article here on BBC.co.uk

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