2008 financial crisis Landsbanki

on october 7, 2008 icelandic financial supervisory authority took control of landsbanki. press release ifsa states of landsbanki s domestic branches, call centres, atms , internet operations open business usual, , domestic deposits guaranteed. guardian reported government had moved use sweeping powers granted reykjavik parliament, night before. country’s financial regulator said on tuesday landsbanki’s branches open usual , “domestic deposits” guaranteed. next day united kingdom chancellor of exchequer alistair darling announced government foot entire bill british icesave savers, estimated @ £4 billion, , taking steps freeze assets of landsbanki using financial freezing-orders provisions of anti-terrorism, crime , security act 2001.

under landsbanki freezing order 2008, passed on 8 october 2008, majesty s treasury froze assets of landsbanki in uk, , assets belonging central bank of iceland, , government of iceland relating landsbanki.

on 9 october 2008 domestic, icelandic branch split off nýi (= new) landsbanki , on 27 october 2008 inability render payment of deposits declared remaining parts of landsbanki.