Sunday, 22nd November 2009

 

10 October 2008 - Press Briefing

Wealthy Swiss clients caught up in Icelandic meltdown

As many as 1,700 wealthy clients of the Icelandic bank Kaupthing in Switzerland are seeking full compensation.

According to an Associated Press report, the Swiss banking commission said it has appointed two investigations to assess the financial situation and assets of Kaupthing's Geneva branch, because of the "tense liquidity situation" of the entire Kaupthing group.

Kaupthing has now been nationalised by the Icelandic authorities.

Kaupthing's Geneva branch has stopped paying out more money from its Geneva branch until the financial situation has been clarified, the banking commission said in a statement.

Assets up to SFr30,000 are insured by Switzerland's deposit insurance.

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