Banking in Iceland

Banking in Iceland faced a crisis in 2008, which resulted in the government taking over three of its largest commercial banks.

The short-term liabilities of Icelandic banks in proportion to Iceland's GDP are 211%, as of 11 October 2008, or 480% of the country's national debt, and the average leverage ratio (assets/net worth) is 1 to 14.

Icelandic financial crisis
In 2008, Iceland's three major privately owned commercial banks defaulted.

Central Bank

 * Seðlabanki Íslands

Major Commercial Banks

 * Landsbankinn
 * Íslandsbanki
 * Arion banki
 * MP banki

Investment Banks
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