Brown: UK taking legal action against Iceland (AP)
08.10.2008 12:55 Business
LONDON - Prime Minister Gordon Brown says the U.K. will take legal action to recover money held by British savers in branches of troubled Icelandic banks.
Brown told a news conference Wednesday that the government would stand behind the deposits of the British customers. Brown said: "We are showing by our action that we stand by people who save."
Iceland has nationalized two of its major banks, including Landsbanki, the nation's second largest.
British savers reportedly had deposited millions in accounts through Landsbanki's Internet operation, Icesave, which has suspended withdrawals.
Add comment