The Financial Supervisory Authority has put together a description of the chief assumptions and methodology behind the valuation of the assets and liabilities of the new banks. This description is intended to put the process into proper perspective and to give an explanation of what it consists of.
Yesterday Deloitte LLP concluded the valuation of assets which were transferred from the old banks to create New Kaupthing Bank, NBI and Íslandsbanki. Today Oliver Wyman has reviewed the valuation for each bank and updated its appraisal. The valuation project has , therefore, been completed.
Deloitte LLP has concluded its provisional valuation of the assets transferred from the old banks to comprise the balance sheets of New Kaupthing Bank, NBI and Íslandsbanki. In tandem with this work, Oliver Wyman has reviewed the process for each individual bank. Both companies are now finalising the valuations, which are expected to be available in their ultimate form next week.
On 21 March 2009 the FME assumed the powers of a meeting of the shareholders of Spron hf., immediately suspended the Board in its entirety and appointed a Resolution Committee.
On 21 March 2009 the FME assumed the powers of a meeting of the shareholders of Sparisjóðabanki Íslands hf. and made a decision on the disposal of certain assets and liabilities of the bank.
Gunnar T. Andersen has been recruited as the Director General of the FME. Mr. Andersen has been employed by the Icelandic Social Insurance Administration since 2006, first as the Head of Fraud Prevention and Control and then as Deputy Director General, Resource Development and Analysis.
