The Icelandic government says it has taken control of Glitnir bank, the country's third largest bank, after it suffered liquidity difficulties.
The government has bought a 75 percent stake in Glitnir for 600 million euros (US$878 million) to ensure broader market stability.
Monday's move is the first major Icelandic banking nationalisation in the current turmoil.
The government says that Glitnir, which has a presence in 10 countries, will continue to operate as normal. It added that it does not intend to hold its share in the bank for "an extended period."
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