Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Kaupþing to ensure Continued Commercial Bank Operations in Iceland

9.10.2008

  • Domestic deposits are fully guaranteed, as declared by the Government
  • Kaupþing´s domestic branches, call centres, cash machines (ATMs) and internet operations will be open for business as usual
  • The objective of the FME´s action is to guarantee a functioning domestic banking system

The Icelandic Financial Supervisory Authority (FME) has under powers granted by the Icelandic Parliament proceeded to take control of Kaupþing. 

As declared by the Government, all domestic deposits are fully guaranteed.  Kaupþing´s domestic branches, call centres, cash machines (ATMs) and internet operations will be open for business as usual.

The action taken by the FME is a necessary first step in achieving the objectives of the Icelandic Government and Parliament to ensure the continued orderly operation of domestic banking and the safety of domestic deposits.

The decision can be found here.

For further information for the media please contact Íris Björk Hreinsdóttir, iris@fme.is or Úrsúla Ingvarsdóttir, ursula@fme.is tel. +354 525 27 00

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