The Icelandic ITQ system has been under development since the early 1980s. Rights were initially grandfathered. Rights have been priced and traded and put up as collateral against loans. Quota values have thus affected the balance sheet of Icelandic fishing firms in a fundamental way. The aim of this paper is to look at the development of the balance sheet and the development of booked equity as well as try to estimate the real value of equity in Icelandic fishing firms from 2000 till 2009. This period is of considerable interest as a condsiderable bubble developed and burst in the Icelandic financial market during the period.