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Iceland to capitalise three banks

Iceland is to capitalise three of the banks it rescued last year in a move to bolster its banking system, according to reports.

The country’s three main commercial banks, Glitnir, Landsbanki and Kaupthing collapsed last October under the weight of billions of debt owed to foreign lenders.

According to reports, the terms of the capitalisation will see the government offer controlling stakes in Islandsbanki, previously Glitnir and New Kaupthing to the old banks’ existing shareholders, while retaining a stake in the banks.

Reports say a similar plan for Landsbanki is under discussion.

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