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| Iceland halts all share trading | Iceland halts all share trading |
| (about 5 hours later) | |
| Iceland has suspended trading on its stock exchange in an attempt to prevent further panic spreading throughout the country's financial markets. | Iceland has suspended trading on its stock exchange in an attempt to prevent further panic spreading throughout the country's financial markets. |
| The OMX Nordic Exchange Iceland is closed for trading for two days and will reopen on Monday. | The OMX Nordic Exchange Iceland is closed for trading for two days and will reopen on Monday. |
| The decision to suspend trading was taken due to unusual market conditions. | The decision to suspend trading was taken due to unusual market conditions. |
| It comes on the same day as Kaupthing, Iceland's largest bank, became the third bank to be taken over by the country's government in the past week. | It comes on the same day as Kaupthing, Iceland's largest bank, became the third bank to be taken over by the country's government in the past week. |
| The country's Financial Supervisory Authority said it took over Kaupthing to safeguard its domestic banking system. | The country's Financial Supervisory Authority said it took over Kaupthing to safeguard its domestic banking system. |
| All domestic deposits at the bank were fully guaranteed, it added. | All domestic deposits at the bank were fully guaranteed, it added. |
| On Wednesday, the UK Treasury arranged for ING Direct to take over the £2.5bn of deposits of 160,000 UK customers of Kaupthing's online arm, Kaupthing Edge. | On Wednesday, the UK Treasury arranged for ING Direct to take over the £2.5bn of deposits of 160,000 UK customers of Kaupthing's online arm, Kaupthing Edge. |
| Over the past years, Iceland has pursued a policy of inflation targeting, similar to the UK..In the case of Iceland it was disastrous. Jon Danielsson, EconomistFinancial Markets GroupLondon School of Economics Analysis: What happened to Iceland? | Over the past years, Iceland has pursued a policy of inflation targeting, similar to the UK..In the case of Iceland it was disastrous. Jon Danielsson, EconomistFinancial Markets GroupLondon School of Economics Analysis: What happened to Iceland? |
| The Swedish central bank had already agreed to provide a loan to the bank's Swedish arm. | The Swedish central bank had already agreed to provide a loan to the bank's Swedish arm. |
| Iceland's government has now seized control of all three of the nation's major banks. Landsbanki and Glitnir were taken over earlier this week. | Iceland's government has now seized control of all three of the nation's major banks. Landsbanki and Glitnir were taken over earlier this week. |
| The country has struggled to cope with the global financial crisis. | The country has struggled to cope with the global financial crisis. |
| "The action taken... was 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," Iceland's Financial Supervisory Authority said. | "The action taken... was 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," Iceland's Financial Supervisory Authority said. |
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| Are you affected by the issues raised on this story? Are you in Iceland? Do you have any savings in Kaupthing? | Are you affected by the issues raised on this story? Are you in Iceland? Do you have any savings in Kaupthing? |
| In most cases a selection of your comments will be published, displaying your name and location unless you state otherwise in the box below. | In most cases a selection of your comments will be published, displaying your name and location unless you state otherwise in the box below. |