Economies: Iceland nationalises bank
After the Krona fell 30% against the Euro yesterday and Iceland's FSA suspended trading in banking shares, one of the biggest banks in the country was announced to be nationalised as the markets opened.
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The Icelandic Financial Supervisory Authority has announced this morning that it is to take into government ownership one of Iceland's largest banks, Landsbanki.
The bank has customers all over the world through its internet banking service and has subsidiaries in banking and securities in the UK.
The FSA (FME in Icelandic) said in a statement "Based on New Legislation, the Icelandic Financial Supervisory Authority (IFSA) Proceeds to take Control of Landsbanki to ensure Continued Commercial Bank Operations in Iceland."
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