Business News
Landsbanki is Transferred into Government Supervision
Tuesday 14. October 2008 - It was announced yesterday that Landsbanki, Icelands second largest bank, has been transferred into government supervision in order to stabilise the countrys banking system. The Icelandic banks have been affected by the unprecedented events in the global financial system as well as banks around the world.
The Wyndeham Press Group uses Landsbanki for its main banking operations and following the changes continues to have access to funding through its agreed facilities.
“These changes in the Icelandic banking system are intended to have a stabilising effect, however, as we see in the media each day there appears to be little forward visibility in any part of the global banking community,” said Paul Utting, Chief Executive, Wyndeham Press Group. “Despite this we can confirm that the Group continues to operate normally and as stated last week, our priority remains meeting the requirements of our customers.”