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Icelandic internet bank Icesave has stopped UK customers withdrawing their money after its parent company has been nationalised by the Icelandic government.
The online bank is part of Iceland's second biggest bank Landsbanki, which is now under government control after sweeping new regulatory powers have come into force.
The notice on the bank's website said: "We are not currently processing any deposits or any withdrawal requests through our Icesave internet accounts.
Originally posted by Maya00a
Iceland is getting a $5.4 billion emergency loan from Russia.
A spokeswoman for the website, which has 350,000 customers in the UK and Netherlands, insisted customers had been unable to access their accounts due purely to a "technical glitch".
The Central Bank of Iceland has fixed the exchange rate of the country's currency, the krona, to try to stablize the domestic economy.
Customers of the Icesave internet bank have been warned they will probably have to claim compensation for money held in their savings accounts. The authorities in the UK are preparing for the bank's parent in Iceland, Landsbanki, to be declared insolvent.
For the first time since the credit crunch began, British banking customers with savings in troubled banks may need to apply to get their money back.