STOCKHOLM (S&P Global Ratings) Sept. 1, 2020--S&P Global Ratings today said that it still needs further clarity about the legislative and practical implementation of Iceland's Bank Resolution Act before it is able to assess the implications of the framework for domestic banks' senior creditors. Iceland's Parliament approved the long-awaited "Act on the Resolution of Credit Institutions and Financial Undertakings" (No. 70/2020) in June 2020, which enters into force today. Implementation is therefore in its very early stages. A soon-to-be established resolution authority will eventually oversee resolution and related matters. For now, the Financial Stability Committee is expected to wield powers of resolution and will be in control of the earliest intervention measures. Since the Icelandic banking crisis in 2008, we
