2008 жылғы қаржы дағдарысында құлаған Landsbanki банкі

Failed Icelandic commercial bank
the Icelandic bank up to its failure in 2008

Landsbanki (literally "National Bank"), also commonly known as Landsbankinn (literally "The National Bank") which is now the name of the current rebuilt bank (here called "New Landsbanki"), was one of the largest Icelandic commercial banks that failed as part of the 2008–2011 Icelandic financial crisis when its subsidiary sparked the Icesave dispute. On October 7, 2008, the Icelandic Financial Supervisory Authority took control of Landsbanki and created a new bank for all the domestic operations called Nýi Landsbanki (new Landsbanki) so that the domestic bank could continue to operate, the new bank continued to operate under the Landsbanki name in Iceland. Prior to its failure, the bank was one of the largest Icelandic banks with assets of ISK 3,058 billion in December 2007 and a market capitalization of ISK 383 billion. It has been in operation since 1885 and had been instrumental in the economic development of business and industry in Iceland. From 1927 to 1961 the bank acted as the central bank until it was replaced by the Central Bank of Iceland, although this interest was primarily directed towards note issuance rather than monetary policy. The bank had been state owned and was privatized in stages between 1998 and 2003. Landsbanki had positioned itself as Iceland's primary provider of general and specialized financial services to individuals, corporate entities, and institutions. The bank had the country's most extensive branch network with 40 branches and sub branches. At the end of 2006, Landsbanki provided close to 40% of corporate lending in Iceland, and for around 60% of companies listed on the OMX Iceland Stock Exchange, Landsbanki was their principal bank or one of two banks with whom they did business. The leading provider of M&A, derivatives, equity and fixed income services. It started to expand overseas in 2000 through a number of acquisitions and organic growth, the expansion would lead to the creation of its Icesave subsidiary in 2006 which would ultimately seal its fate.

In establishing Landsbanki, the Icelandic parliament hoped to boost monetary transactions and encourage the country's nascent industries. Following its opening on 1 July 1886, the bank's first decades of operation were restricted by its limited financial capacity; it was little more than a savings and loan society. Following the turn of the 20th century, however, Icelandic society progressed and prospered as industrialization finally made inroads, and the bank grew and developed in parallel to the nation. In the 1920s Landsbanki became Iceland's largest bank and was made responsible for issuing its banknotes. After the issuing of banknotes was transferred to the newly established Central Bank of Iceland in 1961, Landsbanki continued to develop as a commercial bank, expanding its branch network in the ensuing decades. While still publicly owned it went through a state directed merger with Samvinnubanki (Cooperative Bank). Liberalisation of financial services, beginning in 1986, opened up new opportunities, which the bank managed to take advantage of despite some economic adversity. In 1997, Landsbanki was incorporated as a limited liability company, and the ensuing privatization finally concluded in 2003. Landsbanki then operated as a privately owned bank, competing in a free market, with substantial international activities added to its traditional Icelandic operations.

The relatively limited size of the Icelandic market prompted Landsbanki, the first among Icelandic commercial banks, to expand and diversify outside of Iceland when it acquired the London based Heritable Bank in 2000. In 2005, Landsbanki acquired three Europe securities houses: Teather & Greenwood, located in London and Edinburgh; Kepler Capital Markets, headquartered in Paris; and Merrion Capital Group in Dublin. These subsidiaries dealt in securities and prepared equity research in London, Paris, Frankfurt, Zürich, Nyon (25 km from Geneva), Milan, Madrid and Amsterdam. Landsbanki's own branches in London and Amsterdam specialized in structured finance and commercial finance (asset based lending), while Landsbanki Luxembourg handled private banking and wealth management, as well as corporate services. On 9 August 2007 Landsbanki completed its acquisition of UK investment bank Bridgwell plc. The operations of Teather & Greenwood were combined with those of Bridgewell under the brand name Landsbanki Securities (UK). The acquisition of Bridgewell made Landsbanki the second largest broker to listed companies on the London Stock Exchange measured by the number of clients. In December 2008 Kepler Capital Markets is sold to management and staff through a management led buy out (MBO).

A deposit program for the UK market, Icesave, was launched in October 2006. An easy access, online savings account, Icesave became an instant success, transforming Landsbanki's balance sheet and funding profile. Since launched, Icesave grew rapidly and on 31 March 2007, Icesave deposits totaled £2.8 bn with over 80,000 accounts opened. A key factor in Icesave's appeal to savers was its interest rate guarantee: The gross Annual Equivalent Rate of Interest (AER) paid on balances over £250 was guaranteed to exceed the Bank of England Base Rate by at least 0.25% until 1 October 2009 and thereafter not to be lower than the Bank of England Base Rate until 1 October 2011. As a result, Icesave quickly became the market leader in internet deposit savings accounts in the UK in terms of interest rates. Icesave operated in the Netherlands from May 2008 until October 2008. On 7 October 2008 the Icesave UK website announced: "We are not currently processing any deposits or any withdrawal requests through our Icesave internet accounts. We apologize for any inconvenience this may cause our customers. We hope to provide you with more information shortly." and Icesave was declared in default on 8 October 2008, taking Landsbanki with it in its fall.

On October 7, 2008, the Icelandic Financial Supervisory Authority took control of Landsbanki. A press release by the IFSA states that all of Landsbanki's domestic branches, call centers, ATMs, and internet operations will be open for business as usual and that all domestic deposits are fully guaranteed. The country's financial regulator said on Tuesday that Landsbanki's branches would open as usual and that all “domestic deposits” were fully guaranteed. The next day the United Kingdom Chancellor of the Exchequer Alistair Darling announced that his government would foot the entire bill for British Icesave savers, estimated at £4 billion, and that he was taking steps to freeze the assets of Landsbanki using the financial freezing orders provisions of the Anti terrorism, Crime and Security Act 2001. Under the Landsbanki Freezing Order 2008, passed on 8 October 2008, Her Majesty's Treasury froze the assets of Landsbanki in the UK, and assets belonging to the Central Bank of Iceland, and the Government of Iceland relating to Landsbanki. On 9 October 2008 the domestic, Icelandic branch was split off into the NBI, Nýi Landsbanki (New Landsbanki) and on 27 October 2008 the inability to render payment of deposits was declared for the remaining parts of Landsbanki.

Landsbanki's sponsorship of football was an important aspect of the Bank's marketing and image policy. In September 2005, an agreement was concluded with the Football Association of Iceland, under which the Icelandic premier league for both men and women will be called the Landsbanki Premier League (Landsbankadeildin) for the next four seasons. The financial backing for football was, however, primarily directed towards supporting sports for children and youth divisions.

On 12 March 2012, the Icelandic government amended by Act No 17/2012 the existing Act No 87/1992 on Foreign Exchange, so that paragraph five of Article 13n now represents new currency restrictions for repayment of foreign currency to creditors in any receivership estates. In that regard, it shall be noted that all of the first 4 repayment tranches repaid by the Landsbanki Receivership were exempted from this amended law, because it only involved available cash stemming from liquidation conducted ahead of 12 March 2012. Another new repayment restriction under consideration is that the Icelandic government on 1 October 2013 presented a proposal for their 2014 budget law, to include a new 0.145% tax on all transfers from estates of failed financial companies. Some lawyers however have the opinion, that this kind of tax on failed companies could be seen as an illegal expropriation by the Icelandic state. If the Icelandic government passes this proposed law, it will almost with certainty become challenged in a lawsuit by the receivership estates behind the three failed Icelandic banks.