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Icesave crisis
08 October 2008
Icelands second biggest bank was nationalised yesterday to help keep it afloat. British authorities expect that the internet bank Icesave's parent group Landsbanki will be made insolvent.
Over 350,000 British customers were unable to access their accounts yesterday. Users who tried to access their accounts online were told the bank was 'not currently processing any deposits or withdrawal requests'.
If Landsbanki were to be made insolvent, this would trigger compensation payouts. The first £15,000 would be paid Iceland with the remainder, up to £50,000 paid by a British backed scheme. Anyone with more than £50,000 of savings would only get back the first £50,000 of their money.
