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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                 SCHEDULE 13G/A


                    UNDER THE SECURITIES EXCHANGE ACT OF 1934





                       HUNGARIAN TELEPHONE AND CABLE CORP
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                                (Name of Issuer)


                                  COMMON STOCK
                         ------------------------------
                         (Title of Class of Securities)


                                   4455421030
                                 --------------
                                 (CUSIP Number)


                                 APRIL 18, 2007
             -------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)





Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

[_] Rule 13d-1(b)

[X] Rule 13d-1(c)

[_] Rule 13d-1(d)


*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

PERSONS WHO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED IN THIS FORM ARE
NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY VALID OMB CONTROL
NUMBER.

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CUSIP NO. 4455421030                 13G/A                     PAGE 2 OF 5 PAGES
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   1     NAMES OF REPORTING PERSONS
         I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)

         Straumur-Burdaras Investment Bank hf.
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   2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP(See Instructions)
                                                                         (a) [_]
                                                                         (b) [_]
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   3     SEC USE ONLY


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   4     CITIZENSHIP OR PLACE OF ORGANIZATION

         Iceland
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                             5    SOLE VOTING POWER

        NUMBER OF                 1,391,498
          SHARES            ----- ----------------------------------------------
       BENEFICIALLY          6    SHARED VOTING POWER
         OWNED BY
           EACH                   -0-
        REPORTING           ----- ----------------------------------------------
          PERSON             7    SOLE DISPOSITIVE POWER
           WITH
                                  1,391,498
                            ----- ----------------------------------------------
                             8    SHARED DISPOSITIVE POWER

                                  -0-
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   9     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         1,391,498
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  10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
         (see Instructions) [_]

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  11     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

         9.004% (1)
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  12     TYPE OF REPORTING PERSON (see instructions)

         BK
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(1) The calculation of the foregoing percentage is based on the number of shares
of common stock of the issuer outstanding 15,453,872 as of April 5, 2007 and set
forth in the issuer's press release on April 9, 2007.


ITEM 1.  (a)  NAME OF ISSUER:   Hungarian Telephone and Cable Corp

         (b)  ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
              1201 Third Avenue
              Suite 3400
              Seattle, WA  98101-3299



ITEM 2.  (a)  NAME OF PERSON FILING: Straumur-Bardaras Investment Bank hf.

         (b)  ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:

              Straumur Bardaras Investment Bank hf.
              Borgartun 25
              IS-105 Reykjavik, Iceland;

         (c)  CITIZENSHIP:
              Iceland



         (d)  TITLE OF CLASS OF SECURITIES:  Common Stock

         (e)  CUSIP NO: 4455421030



ITEM 3.  IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(b), OR 13d-2(b) OR
         (c), CHECK WHETHER THE PERSON FILING IS A:

         N/A



ITEM 4.  OWNERSHIP

         (a)  AMOUNT BENEFICIALLY OWNED: See response to item 9 on the attached
              cover page.

         (b)  PERCENT OF CLASS: See response to item 11 on the attached cover
              page.

         (c)  NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:

              (i)   sole power to vote or to direct the vote: See response to
              item 5 on the attached cover page.

              (ii)  shared power to vote or to direct the vote: See response to
              item 6 on the attached cover page.

              (iii) sole power to dispose or to direct the disposition of: See
              response to item 7 on the attached cover page.


                                PAGE 3 OF 5 PAGES


              (iv)  shared power to dispose or to direct the disposition of: See
              response to item 8 on the attached cover page.



ITEM 5.  OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS

         If this statement is being filed to report the fact that as of the date
         hereof the reporting person has ceased to be the beneficial owner of
         more than five percent of the class of securities, check the following
         [ ].



ITEM 6.  OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON

         N/A



ITEM 7.  IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
         SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY

         N/A



ITEM 8.  IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP

         N/A



ITEM 9.  NOTICE OF DISSOLUTION OF GROUP

         N/A



ITEM 10. CERTIFICATION

         By signing below I certify that to the best of my knowledge and belief,
         the securities referred to above were not acquired and are not held for
         the purpose of or with the effect of changing or influencing control of
         the issuer of the securities and were not acquired and are not held in
         connection with or as a participant in any transaction having that
         purpose or effect



                                PAGE 4 OF 5 PAGES



                                   SIGNATURES


         After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.



                              STRAUMUR-BURDARAS INVESTMENT BANK hf.
April 23, 2007

                              By: /s/ Jesper Johansen
                              Name and Title: Jesper Johansen, Managing Director
                              Straumur-Burdaras Investment Bank hf.




























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