News for Spread Betters

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There's a new Investor Edition of CMC Markets' spread betting platform... and it's exclusive to DigitalLook.com users...

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News for Spread Betters

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There's a new Investor Edition of CMC Markets' spread betting platform... and it's exclusive to DigitalLook.com users...

Get full details about Marketmaker:Investor Edition here.

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Digital Look's Best Picks

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Your money can work for you! Get it going with one of this month’s high interest current accounts:

1. A&L Premier Direct
2. Coventry First Account
3. Co-operative Current Plus

By Jana Weigand

Date: Tuesday 07 Oct 2008

LONDON (ShareCast) - Icesave today blocked its UK customers from withdrawing or depositing money after Iceland’s government took control of Landsbanki, which runs the internet bank.

“We are not currently processing any deposits or any withdrawal requests through our Icesave internet accounts,” reads a statement of the bank's website.

“We apologise for any inconvenience this may cause our customers. We hope to provide you with more information shortly.”

UK customers will be protected under the Financial Services Authority's £50,000 guarantee scheme, though the first €20,000 will have to be reclaimed from the Icelandic compensation system.

The FSA said in a statement on its website that it is seeking further clarity from the Icelandic regulator about what this means for the UK branch of Landsbanki, which includes the Icesave operation.

“If, as expected, the Icelandic authorities put the firm into insolvency proceedings, this is likely to trigger a default under the Financial Services Compensation Scheme,” it added.

Iceland’s government announced this morning that it has taken over Landsbanki, the country’s second largest bank, under new laws that allows it to nationalise public companies in the financial services sector.

“Based on new legislation, the Icelandic Financial Supervisory Authority proceeds to take control of Landsbanki to ensure continued commercial bank operations in Iceland,” the Financial Supervisory Authority said in a statement.

“Landsbanki's domestic branches, call centers, cash machines and Internet operations will be open for business as usual. The objective of the IFSA's action is to guarantee a functioning domestic banking system,” it added.

The regulator pointed out that all “domestic deposits” were fully guaranteed.

It is the latest move by the authorities to control the recent crisis in the financial sector, which has already led to the rescue of Glitnir and the passing of emergency powers Monday night to give regulators the power to nationalise banks.

Kaupthing, Landsbanki’s bigger rival, said Iceland's central bank has provided it with a €500m loan, adding that it has not been approached by the financial regulators.

• News Channel