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No you are not, since Icelandic customers of Landsbanki can access their money, British ones cannot. The British government is just ensuring that you cannot repatriate the assets to Iceland without paying the British creditors of Landsbanki.
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How is the Icelandic financial compensation meeting its obligations?
To be fair, the idea of the compensation scheme has always been to cover the difference between the assets and liabilities of a failed bank. The financial regulators job is (or would have been) to stop the bank from going bankrupt in the first place, but Iceland's financial regulator was asleep at the wheel.
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