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Russia to Lend Landsbanki €4 Billion, Says Iceland's Central Bank |
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European Economy |
Written by CEP News |
Oct 07 08 10:11 GMT |
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(CEP News) Frankfurt - Following the announcement from the Iceland central bank that it has entered into receivership and has been taken control of by Iceland's Financial Supervisory Authority, Russia has agreed to lend the bank €4 billion in an effort to add needed liquidity into the financial system.
According to Iceland's Landsbanki, the loan will last three to four years, at a cost of 0.5% more than the current Libor rate. Earlier on Tuesday, the central bank reported that it had loaned €500 million to Kaupthing Bank, the country's largest bank. By Todd Wailoo,
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, edited by Stephen Huebl,
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