Some graphs just speak for themselves. Here’s one that caught my eye today:
The numbers are millions ISK.
Note that these are only deposits in Icelandic banks and their immediate branch offices, not the subsidiaries of Icelandic banks registered elsewhere. It therefore only includes Icesave (UK and Netherlands) and a minority of Kaupthing Edge’s operations (Finland, Norway, Germany and Austria). See here.
We’ve marked the month Icesave is opened (UK branch). Another interesting breaking point in the graph is in early 2008. Guess what? Icesave Netherlands was started in May 2008. So, just before the crash – foreign depositors held more than half of “Icelandic” deposits (1,710 billion ISK out of a total of 3,123 billion)!
In our upcoming tool, users will be able to view and correlate a wealth of Icelandic economy time series and mark them with events and news headlines interactively. It will be a pretty powerful tool!