This may be the first domino. Some 200,000 British subjects are banked with Icesave, a subsidiary of Landsbanki. I do not know how many British account holders there are for the other banks, but here is the problem. The fund which insures accounts does not have enough cash on hand to reimburse all those British accounts. So, as the sun rises on the British Empire tomorrow, those Brits are going to be going to their local banks and withdrawing whatever cash they need to cover the losses in Iceland, which may result in a run on major British Banks.