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Iceland adopts sweeping powers in banking overhaul-PM

Mon Oct 6, 2008 1:24pm EDT

REYKJAVIK, Oct 6 (Reuters) - Iceland has agreed legislation that gives the government wide-ranging authority over its banks, including the option to merge them or force them to declare bankruptcy, the country's prime minister said on Monday.

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Icelandic Prime Minister Geir Haarde said the bill, which parliament is due to adopt later on Monday, will also allow the government to take over housing loans held by the banks and put them in a government housing fund.

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