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New financial undertakings take over the operations of Byr Savings Bank and Keflavik Savings Bank

26.4.2010

The boards of directors of Byr Savings Bank and Keflavik Savings Bank have submitted a request for the Financial Supervisory Authority (FME) to take over the operations of the two savings banks after negotiations with creditors proved  unsuccessful. The decisions posted by the FME on the disposal of the assets and liabilities of the savings banks reveal that Byr Savings Bank's deposits have been transferred to a new commercial bank, Byr hf., and the deposits held by Keflavik Savings Bank have been transferred to a new savings bank, Spkef Savings Bank. Both these financial undertakings have already been formally established and are wholly owned by the State.

The FME has appointed interim boards of directors for both Byr Savings Bank and Keflavik Savings Bank.

The interim board of Byr Savings Bank is composed of the following members:

·         Eva Bryndís Helgadóttir, attorney at law, chairman

·         Ágúst Kristinsson, chartered accountant

·         Árni Ármann Árnason, attorney at law

The interim board of Keflavik Savings Bank is composed of the following members:

·         Soffía Eydís Björgvinsdóttir, attorney at law, chairman

·         Audur Ósk Thórisdóttir, chartered accountant

·         Elvar Örn Unnsteinsson, attorney at law

The Decision of the FME regarding Byr Savings Bank can be accessed here. The decision on Keflavik Savings Bank can be accessed here.

A press release issued by the Ministry of Economic Affairs refers to previous statements by the government of Iceland to the effect that deposits in domestic commercial and savings banks and their branches in Iceland are fully covered. The press release can be accessed here.

For further information, the media are invited to contact Sigurdur G. Valgeirsson, sgv@fme.is, tel. +354- 525-2700, mobile tel. +354-840-3861.

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