Decision on the disposal of deposits of Straumur - Burdarás Investment Bank hf.
The Financial Supervisory Authority (FME) has made a decision on the disposal of obligations of Straumur - Burdarás Investment Bank hf. in Iceland due to deposits in the headquarters of the bank in Iceland. Deposits will be allocated to Íslandsbanki hf. according to the balance and interest earned on the date of takeover with certain limitations specified in the decision. All terms for the deposits in question regarding duration, interest terms, currency, etc. remain unchanged vis-a-vis Íslandsbanki hf.
Straumur - Burdarás Investment Bank hf. will issue a bond as repayment for the deposit obligations that are taken over and all assets of Straumur - Burdarás Investment Bank hf. will be put up as collateral for the bond.
The Resolution Committee of Straumur - Burdarás Investment Bank hf. is assigned to execute the decision of the FME. The transfer of deposits and the issuance of promissory and collateral documents shall take place no later than Friday 20 March 2009 at 9:00 a.m.
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