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Extended deadline to complete the preparation of terms of financial instruments

15.5.2009

The Financial Supervisory Authority (FME) has decided to revisit its prior decisions on the disposal of assets and liabilities from the old banks to the new banks, to the extend to which they pertain to deadlines to complete the preparation of terms of financial instruments, which the new banks will issue to the old banks as repayment. The FME considers it necessary to extend the deadlines, as as the final timetable between the concerned parties regarding the completion of the terms of the financial instrument is not yet available. The FME does not consider it unreasonable that the terms of the financial instrument be carefully reviewed, as a successful outcome is critical. It is not clear, however, how long of an extension is needed, but a decision on this will be taken no later than 15 June 2009.

Further information to the media is provided by Sigurdur G. Valgeirsson,

sgv@fme.is, tel: 525-2700 or mobile: 840-3861.

The decisions can be found here

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