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Iceland moves to nationalise Islandsbanki, on way to lifting capital controls
October 20, 2015 / 9:14 AM / 2 years ago

Iceland moves to nationalise Islandsbanki, on way to lifting capital controls

COPENHAGEN, Oct 20 (Reuters) - Creditors of Glitnir, a bank that crashed in Iceland's 2008 financial meltdown, have proposed handing to the government their 95 percent stake in Islandsbanki, the finance ministry said, in a move to bring the country a step closer to lifting capital controls.

"Should the authorities agree to the proposals, the state would become the full owner of the bank," a spokeswoman with the ministry said.

The ministry said Islandsbanki, which was created out of the failed Glitnir bank, had equity of 185 billion Icelandic crowns ($1.48 billion). (Reporting by Sabina Zawadzki; Editing by Hugh Lawson)

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