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Icesave 'enters administration'

Savers with Icesave are likely to have to claim their money back through deposit insurance, after the provider entered administration.Reykjavik-based Landsbanki, Icesave's parent company, went to the wall due to the worsening credit crunch conditions.It has now been nationalised by the Icelandic government.British savers attempting to take their money out of the bank have been met with a terse message on its website's homepage."We are not currently processing any deposits or any withdrawal requests through our Icesave internet accounts," the statement reads. "We apologise for any inconvenience this may cause our customers. We hope to provide you with more information shortly."Because of the way in which Icesave is registered in the UK, savers will likely have to claim the first £15,000 of their compensation through Iceland's own deposit insurance service.Then, if they need it, they claim the remainder of Britain's £50,000 savings limit through the UK equivalent.However, all savings above £50,000 are likely to be lost.

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