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The Government was alerted to the possibility of Icelandic banks
facing collapse in July

telegraph.co.uk
7 hrs ago 14 related
         
The Government was alerted to the possibility of
Icelandic banks facing collapse in July but chose to ignore the warning, it
has
been claimed. By James Kirkup and Rowena Mason in Reykjavik Mr Haarde
said Mr Brown's threat to
seize the assets of Icelandic companies was "illegal" Photo: PA/AP Both Lord
Oakeshott, a Liberal Democrat, and Michael Fallon, a Tory MP, raised the issue

with ministers on separate occasions, but were reassured savers would be
protected by law. Lord Oakeshott, a pension fund manager and former director
of
Warburg Investment Management, raised the alarm in written questions more than

two months ago, while Mr Fallon had asked how much money was in the
compensation
fund, after press reports that there was a shortfall. Lord Oakeshott said:
"Alarm bells were ringing all over about the Icelandic banks... [read full
story]                     
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Banking Brown Cabinet Capital Crises Departments Economic Economy Finance
Financial Geir Gordon Government Haarde Iceland Insurance Investing Markets
Minister Prime Reykjavik
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Retailers feel Icelandic chill

thisismoney.co.uk
07-Oct-2008 13 related
         
Rupert Steiner , Daily Mail For Woolworths it could very well be the final
straw; for
the rest of the High Street, Iceland's shock decision
to call in cash invested abroad could be a hammer blow to a sector already
suffering from deep troubles. Alarm bells are ringing as the tiny North
Atlantic
island becomes the latest nation to fall victim to the global economic crisis.

In scrambling to avert a meltdown, its banks are liquidating foreign assets.
For
Icelandic foreign assets read half the High Street, a couple of our
stockbrokers
and one of the nation's best-known pub chains. Iceland's fortunes are deeply
entwined with our own -
although how it has come to wield such immense financial power is still a
mystery. Mind you, this is something of a side issue now as its banks are
going
into freefall. As billions of pounds are... [read full story]                 
   
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Banking Construction Debenhams Estate Finance Financial Iceland Insurance
Investing Markets Nonresidential Real Retail Robert Stock Tchenguiz Woolworths

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