Icelandic banks

The Icelandic government is seeking a loan from abroad to prop up its ailing economy.

Despite its small size Iceland supports several large banks and more than 100,000 UK savers have put their money into its two biggest: Kaupthing and Landsbanki.

Last weekend the Icelandic government rescued its third biggest bank Glitnir.

Tryggvi Herbertsson the economic adviser to the Icelandic Prime Minister and Mark Sismey-Durrant, chief executive of Icesave in the UK, joined us to explore the financial situation.

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