Icelandic state takes control of Landsbanki
Wednesday, 08 October 2008

AFP, REYKJAVIK - The Icelandic Financial Supervisory Authority said Tuesday it would take control of the country's second largest bank, Landsbanki, as the island's financial sector tottered on the verge of collapse.

"The Icelandic Financial Supervisory Authority (IFSA) has under powers granted by the Icelandic parliament proceeded to take control of Landsbanki," the government agency said in a statement.

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