Glitnir Rescued By Government

To add to the ever-growing list of world banks which are being rescued by their national governments, on September 29 a 75% stake of Icelandic bank Glitnir was bought by its government. The authorities will pay EUR600mn (US$878mn) for the bank, less than half its value before its share price fell over the past few days - Glitnir had a market capitalisation of US$2.48bn on September 26. The bank, Iceland's third-largest, said that adverse developments in its funding position forced it to initiate talks with the government.

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