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Iceland’s Landsbanki nationalised

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by Brian Turner
Landsbanki Guernsey goes into Administration

Iceland’s Financial Supervisory Authority said today that it had taken control of Landsbanki Islands hf, the country’s second-largest lender.

The Landsbanki Guernsey offshare bank has gone into administration this morning, amid continuing turmoil surrounding Icelandic banks.

Meanwhile customers of Icesave, another arm of Landsbanki, have been unable to withdraw cash in their accounts today.

Icelandic banks are currently under enormous pressure to recapitalise by selling off overseas assets, which makes the closure of Landsbanki Guernsey of particular concern.

However, according to a message posted on the company website, the move was taken in order to ensure that saver deposits were protected.

As an offshore account, savings under Landsbanki Guernsey were not protected under the UK’s FCSC scheme, so if the bank had collapsed, savers could have been at risk of significant losses.

Meanwhile, Landsbanki Guernsey is currently being administrated by Deloitte and Touche.

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News posted: October 7, 2008

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