"In the months leading up to the October 2008 collapse, Iceland's officials faced constantly increasing demands from the FSA for assets Landsbanki, a leading Icelandic private bank, would need to offer as collateral in return for putting Icesave, its UK subsidiary, under the UK's Financial Services Compensation Scheme, which guarantees bank customers' deposits.
"The requirements of the FSA were completely unrealistic, and would always lead to the collapse of Landsbanki. You could not implement them," said Mr Sigurdsson."
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