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British savers unable to withdraw funds
The internet savings bank Icesave, which is owned by Landsbanki has blocked savers from withdrawing funds. Landsbanki is Icelands second largest bank and from now on it will be under the control of Iceland’s financial regulator. The Government has sacked the bank’s board and the bank has officially gone into receivership.
Iceland’s Banking Minister said that the bank would be taken over by the Icelandic Financial Supervisory Authority (IFSA). A statement was released from a financial regulator which said “Based on new legislation, the Icelandic Financial Supervisory Authority proceeds to take control of Landsbanki to ensure continued commercial bank operations in Iceland. Domestic deposits are fully guaranteed, as declared by the Government. Branches, call centres, cash machines and internet operations will be open for business as usual”.
Some foreign banks operate in the UK under what is known as passport exemption, this means that if a European bank fails when trading here the first £15,500 of any deposit with that bank would need to be reclaimed from the banks own country’s compensation scheme and not through the UK’s. British savers have a total of more than £4.5 billion.
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