Economies: Iceland nationalises another bank
The government of Iceland has stepped in to take over another bank.
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Two weeks ago, the government proposed a buy-infor 75% of Glitnir. The deal was subject to shareholder approval with a meeting due next week.
On Tuesday morning (yesterday), the regulator announced that it had intervened to take over Landsbanki. Then late that night, it told that it, too, was to be nationalised with immediate effect, and without waiting for the approval of shareholders to the buy-in.
Iceland's biggest bank, Kaupthing, has received 500 million euros to support operations.
Kaupthing has been advertising heavily in the UK with a focus on students and high interest rates, possible because Iceland's high inflation (14%+) had resulted in interest rates of more than 15%. So far, there is no indication that Kaupthing is going the way of Landsbanki and blocking withdrawals by its UK on-line customers.
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