The Government's Reorganization of the Network of Savings Banks

23.3.2009

The Government announced plans on 21 March 2009 to reorganize Iceland's network of savings banks. The announcement can be found on the webpage of the Ministry of Business Affairs at http://eng.vidskiptaraduneyti.is/Publications/nr/2878.

The Financial Supervisory Authority (FME) has decided to assume the powers of a shareholders' meeting of Sparisjódur Reykjavíkur og nágrennis hf. (SPRON) and to immediately dismiss the Board. The FME has appointed a Resolution Committee which shall take over all authority of the Board of Directors of SPRON, incl. oversight of all management of SPRON's assets. Furthermore, the FME has made a decision on the disposal of assets and liabilities of SPRON. New Kaupthing Bank hf. will take over the bank's obligations according to the decision. The decision can be read here.

The following individuals have been appointed to the Resolution Committee:

Hlynur Jónsson, solicitor, Chairman
Davíd Arnar Einarsson, certified public accountant
Feldís Lilja Óskarsdóttir, solicitor
Gudrún Torfhildur Gísladóttir, certified public accountant
Jóhann Pétursson, solicitor.

Moreover, the FME has decided to assume the powers of the shareholders' meeting of Sparisjódabanki Íslands hf. The Central Bank of Iceland will take over its obligations due to deposits of savings banks and New Kaupthing hf. will take over its obligations due to other deposits as per further details and reservations. The decision can be read here.

For further press information please contact Sigurdur G. Valgeirsson, sgv@fme.is, tel.: +354 525 2700 or mobile: +354 840 3861.

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