Icelandic regulator seizes last major bank

The Icelandic Financial Supervisory Authority (IFSA) is in the process of closing Straumur Burdaras. It took control of the country's three largest banks in October last year including Landsbanki and Kaupthing whose closure impacted on British savers on the mainland and offshore. However, the IFSA confirmed all deposits at Straumur are completely secure. "In spite of its strong capital position and the support of funding banks, Straumur Burdaras Investment Bank believes that its liquidity position is no longer enough to sustain its activities," a bank statement says. The IFSA has "i...