|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    18th of January 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Banking News feed Banking News

All Financial News feed All Financial News

Iceland’s Landsbanki nationalised

Bookmark and Share

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.

Discuss this in the Finance Markets forums

Story link: Iceland’s Landsbanki nationalised

News posted: October 7, 2008

Financial Services:

Related financial stories to: Iceland’s Landsbanki nationalised:
Previous: «
Next: »

Visited 8280 times, 1 so far today

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.