The collapse of the Icelandic banks – how it’s affected us

Earlier this month the already chaotic financial markets were thrown into even more turmoil with the Icelandic banking collapse. Consumers, businesses, and charities were horrified to learn about the collapse, and many feared that they would lose their money. In some cases it seems that they may have been right to think that. Over the past couple of years many businesses, authorities, charities, and consumers have been rushing to Icelandic banks to invest their savings, with accounts such as Icesave and Kaupthing Edge offering high interest rates on savings in order to attract new customers.

However, the joy of these savers, who thought that they were making huge returns on their money, was to be short lived. Read more

Tags: Icelandic banks, UK branches, period, iceland banks, The government