UK government pledges to save customers from Iceland collapse

Austin News.Net
Thursday 9th October, 2008

The UK Government has pledged to take action against Icelandic authorities to recover investors' money, tied up in Iceland's failed banks.

Iceland's largest bank, Kaupthing, became the third bank to be taken over by the country's government in the past week.

Britain has frozen the assets of Icelandic banks and companies in the UK, while guaranteeing British savers that they will receive all their savings.

Local councils in the UK have especially been hit hard by the collapse of Iceland's banks.

They have invested around $2 billion in cash in banks in Iceland and that money is now at risk.

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