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International
Halla Tomosdottir 05 Dec 2008
On the new model for Icelandic finance

The global financial turmoil was nowhere more dramatic than in Iceland - with three commercial banks nationalised and the country effectively frozen out of foreign exchange markets. Iceland had undergone a remarkable transformation from an economy largely based on fishing to one of the richest in Europe, driven by its banks after deregulation. But the party came to an end abruptly, and this week the government faced calls to resign. One of those who forsaw the impending crash was Halla Tomosdottir - a financier who, in a report published six months ago, warned the Icelandic premier that the financial model was unsustainable. Halla is the executive director and co-founder of Audur capital - the only financial company left in Iceland currently recruiting staff. They set up in 2007, recruiting mainly women, in a deliberate attempt to make investments more transparent and to challenge the aggressive business model. Lesley Riddoch has been to Iceland to meet Halla.
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