No man is an island, and no bank is an island either, not even New Landsbanki Íslands (pronounced Ees-lands). Formerly Landsbanki Íslands, the bank was snared by the global subprime mortgage crisis and was nationalized (and renamed) in 2008 after it lost a quarter of its value against the euro in one day. A leader in domestic deposits and loans, the bank had focused in the last few years on investment banking activities (securities trading, brokerage, corporate advisory), which led to its downfall. Its online banking operations, Icesave, had been popular with UK customers because of its high interest rates, but that operation, too, was frozen in 2008 as the bank's available cash vanished.