The U.K. government said today that it will take action to protect the retail depositors in two Icelandic owned banks: Icesave, a U.K.-based branch of Landsbanki and Heritable, a U.K.-based banking subsidiary of Landsbanki.

The U.K. authorities said they expect that Landsbanki will soon be declared in default. Should that occur, the Chancellor has put in place arrangements to ensure that no retail depositor will lose any money as a result of the closure of Icesave. 

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