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11.12.2008 : Restructuring of the Icelandic banking sector

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 valation of their assets.

8.12.2008 : Trading restored

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.

14.11.2008 : The provisional opening balance sheets of the three new banks

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.

12.11.2008 : The opening balance sheets of the three new banks

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.

4.11.2008 : The Depositors' and Investors' Guarantee Fund's obligation to pay compensations to wholesale depositors of Glitnir Bank hf.

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.

30.10.2008 : The Depositors' and Investors' Guarantee Fund's obligation to pay compensations to depositors of Kaupthing Bank hf.

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.

27.10.2008 : Landsbanki Íslands' hf. ability to render payment of deposits

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.

23.10.2008 : Decisions due to Unusual Financial Market Circumstanses

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 chronologial order on the FME´s website, as shown below.

22.10.2008 : New Kaupthing Bank Takes Over Domestic Operations of Kaupthing banki hf.

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.

15.10.2008 : New Glitnir Bank Takes Over Domestic Operations of Glitnir banki hf.

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.

9.10.2008 : Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Kaupþing to ensure Continued Commercial Bank Operations in Iceland

Domestic deposits are fully guaranteed, as declared by the Government Kaupþing´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

9.10.2008 : New Landsbanki Takes Over Domestic Operations of Landsbanki Islands hf.

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.





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