Iceland elected a new government in April 2013, which as one of their top priorities wanted to negotiate a debt haircut towards foreign creditors of the three failed Icelandic banks now in receivership, as part of a deal to lift the long enforced (since November 2008) capital controls. As the current capital controls only ban a swap/exchange of ISK denominated assets to foreign currency, and as 97% of the Landsbanki receivership total assets are held only in foreign currency, this new Icelandic initiative will however most likely not affect the repayment scheme for the priority claim creditors in the Landsbanki receivership who at the moment are forecasted to be fully repaid by the first 91.2% of the receivership assets. So even if the current capital controls remain in force at an indefinite time horizon, it will only be the last 3.2% of the assets (ISK 49/1531bn) which remain to be frozen or trapped in Iceland and can not be directly repaid, which then only would negatively impact the return rate for the creditors with general claims.