Economies: now Iceland intervenes in Kaupthing
Last night, Iceland's prime minister was visibly shaking as he answered a reporter's question as to whether Kaupthing, Iceland's largest bank was safe. "I can't give a definitive answer," he said. "I hope so." This morning, Iceland's regulator took control of it.
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Iceland has three major banks and as of this morning, all are in government ownership.
Yesterday, the UK Government invoked anti-terrorism measures in a surprise move to lock down the assets of Landsbanki, including those held by the Icelandic government following the intervention in the bank by regulators in both the UK and Iceland.
Kaupthing, like Landsbanki, has UK units and so now all eyes are on the UK Treasury to see if it takes similar steps to freeze the assets of that bank, which prevents all financial transactions involving the bank and requires anyone in the UK, and UK subjects overseas, to report to the UK Treasury any dealings or holdings they may have.
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