Banking in Iceland
# 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.

## History

### Icelandic financial crisis

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

## Major Banks

### Central Bank

* Seðlabanki Íslands

### Major Commercial Banks

* Landsbankinn
* Íslandsbanki
* Arion banki
* MP banki

### Investment Banks

ALMC hf

