Investment bank Straumur Burdaras, the last of Iceland's big banks left independent after the state seized control of three others in 2008, said Monday it had been shut down due to liquidity problems. "In spite of its strong capital position and the support of funding banks, Straumur Burdaras Investment Bank believes that its liquidity position is no longer enough to sustain its activities," the bank said in a statement.
"The Icelandic Financial Supervisory Authority (IFSA) has therefore decided to assume the powers of a meeting of the shareholders of Straumur and immediately suspend the board in its entirety," it said.
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