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Icelandic Banks Wrote Off $4.2 Billion in Debt in 2009, 2010

Iceland’s three largest lenders wrote off 481 billion kronur ($4.2 billion) in debt in 2009 and 2010, according to Economy Minister Arni Pall Arnason.

Debt to real estate companies and property-related loans were written down by 34.5 billion kronur, followed by retail-related writedowns of 29.6 billion kronur, Arnason said in a statement to the Reykjavik-based legislature. The largest category is “other” sectors, which accounted for 345.8 billion kronur in write-offs.