Currently meetings are ongoing between the creditors of the old banks and the Resolution Committees. These meetings include i.a. briefings on the process of reorganization of the banking system, the division of the banks and the valuation of their assets.
The Financial Supervisory Authority (the FME) has decided to restore the trading of financial instruments issued by Exista hf., and Straumur-Burðarás fjárfestingarbanki hf., on the regulated market, as of the 9th of December 2008.
The Financial Supervisory Authority (FME) hereby publishes the opening balance sheets for New Glitnir Bank hf., New Kaupthing Bank hf. and NBI hf. These contain provisional figures which are subject to a revaluation which has already commenced.
The FME would like to clarify that when it was decided, on the basis of Act No. 125/2008 dealing with unusual financial market circumstances, that three new banks founded by the State Treasury should take over a portion of the assets, rights and obligations of Landsbanki Íslands hf., Glitnir Bank hf. and Kaupthing Bank hf., particularly those related to the domestic operations of the banks, the board of each new bank was officially given a temporary opening balance sheet accompanied by a statement explaining how assets and liabilities on the balance sheets of the old bank had been divided. In this respect, all decisions of the FME have been published as stipulated by law.
On 31. October 2008, the Financial Supervisory Authority, Iceland (the FME) obtained confirmation that Glitnir Bank hf. had not been able on 3. October 2008 to render payment of certain wholesale deposits in the United Kingdom in accordance with applicable terms.
On 9. October 2008, Kaupthing Edge webpage of Kaupþing banki hf. ("Kaupthing Bank") ceased to work. It is the opinion of the Financial Supervisory Authority, Iceland (the FME) that on the same day, Kaupthing Bank was unable to render payment of the amount customers demanded, of certain deposits, in accordance with applicable terms.
On 6 October 2008, Landsbanki Íslands' hf. ("Landsbanki") Icesave websites ceased to work. It is the opinion of the Financial Supervisory Authority (the FME) that on the same day, Landsbanki was unable to render payment of the amount customers demanded, of certain deposits, in accordance with applicable terms.
All decisions regarding the actions of the Financial Supervisory Authority, Iceland (FME) that have been taken with reference to Act No. 125/2008, due to Unusual Financial Market Circumstances can now be found in chronological order on the FME´s website, as shown below.
The new bank takes over Kaupthing´s domestic assets to ensure provision of normal banking services and the safety of deposits in Iceland. Kaupthing´s international operations are separated. All Kaupthing´s domestic braches, call centres, ATM´s and internet banking will be open for business as usual.
The new bank takes over Glitnir´s domestic assets to ensure provision of normal banking services and the safety of deposits in Iceland. Glitnir´s international operations are separated. All Glitnir´s domestic braches, call centres, ATM´s and internet banking will be open for business as usual.
Domestic deposits are fully guaranteed, as declared by the Government Kaupthing´s domestic branches, call centres, cash machines (ATMs) and internet operations will be open for business as usual The objective of the FME´s action is to guarantee a functioning domestic banking system
The new bank takes over Landsbanki´s domestic assets to ensure provision of normal banking services and the safety of deposits in Iceland. Landsbanki´s international operations are separated. All Landsbanki´s domestic braches, call centres, ATM´s and internet banking will be open for business as usual.