. . .The toll is going to be extensive and the UK Government will probably have to find well over $US7 billion to bailout individuals, companies, charities, local and regional government bodies who had billions of dollars invested in the two main banking arms of Iceland’s two biggest banks, Icesave (owned by the tottering Landsbanki) and Kaupthing Edge. These were mainly online banking operations run out of Iceland which harvested deposits in the UK.

UK reports said the Government expected Iceland’s depositor compensation scheme to cover about £2.2 billion of the £4.6 billion owed to about 300,000 Landsbanki depositors, with £1.4 billion coming from the UK industry financial services compensation scheme and the remainder from the government. That of course presupposes that Iceland has the money to meet the cost of the guarantees. . . .  Australasian Investment Review (AIR) reprinted on Real Estate Resources website - 19-Jan-09.

http://www.jjrealestatebg.com/overseas-real-estate/iceland-a-metaphor-for-the-crisis