Administration committee takes control of Landsbanki Islands hf.
Recent weeks have demonstrated deterioration in the world financial markets not seen since beginning of this century. Established banking institutions have failed and many others are ailing. Governments are taking extraordinary measures to adapt to these challenging times.
This tangible challenge has now reached Iceland's shores, and Landsbanki unfortunately has become victim of the storm.
The Icelandic Government has enacted legislation for extraordinary measures to deal with this situation. This legislation allows for wide ranging measures to be implemented immediately by the Icelandic Financial Regulator (FME). Landsbanki succumbed to the protection afforded by this law and the FME has begun an operation to protect the bank's interests as well as those of the Icelandic nation.