I started this blog in June 2007 asking these questions: Are we in a massive asset bubble that will blow up in our faces ??? - ANSWERED YES ! Is western and particularly British society on the verge of social collapse??? What are the best common sense long term investment strategies to keep you rich? When will consumption/debt bubble economics end and a real savings/production economy begin ???

Tuesday, 7 October 2008

Iceland government takes control of Landsbanki: UK Icesave deposits unprotected

The Financial Services Authority this afternoon drafted in Ernst & Young (E&Y) as emergency administrators of Landsbanki’s UK operations in a bid to protect retail depositors and British financial stability.

However, a spokeswoman for E&Y said the move will not protect the deposits of the 300,000 customers of Icesave, the internet savings bank that is owned by Landsbanki, who found their accounts frozen this morning after Iceland’s financial regulator took control of the country's second largest bank.

Customers of Heritage, Landsbanki's UK subsidiary will, however, be protected, according to E&Y.

The Icelandic Government has dismissed Landsbanki's board and put the institution into receivership.

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