UPDATED 8:28 8/10/08:- Bad news for Icesave & Landsbanki investors - Icelandic bank goes into administration
Found 7th Oct 2008
REYKJAVIK, Oct 7 (Reuters) - Iceland has dismissed the board of directors of Landsbanki and has put the Icelandic bank in receivership, a minister told state radio on Tuesday. Commerce and banking minister Bjorgvin Sigurdsson said the move was made in cooperation with Landsbanki and the bank would be open and run as normal while the changes were taking place. Sigurdsson said Icelands Financial Supervisory Authority had put its own people in place of the banks board. Late Monday, Iceland adopted sweeping powers over its battered banks as its financial system tottered and its currency plunged.