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Landsbanki in receivership, board dismissed -radio

Tue Oct 7, 2008 4:19am EDT

REYKJAVIK, Oct 7 (Reuters) - Iceland has dismissed the board of directors of Landsbanki LAIS.IC and has put the Icelandic bank in receivership, a minister told state radio on Tuesday.

Commerce and banking minister Bjorgvin Sigurdsson said the move was made in cooperation with Landsbanki and the bank would be open and run as normal while the changes were taking place.

Sigurdsson said Iceland's Financial Supervisory Authority had put its own people in place of the bank's board.

Late Monday, Iceland adopted sweeping powers over its battered banks as its financial system tottered and its currency plunged.



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