The Icelandic Financial Supervisory Authority (FME) takes Control of Straumur-Burdaras Investment Bank hf.

9.3.2009

The Icelandic Financial Supervisory Authority (FME) has on grounds of Act No. 125/2008, which was set in October 2008 because of special circumstances, taken control of the operations of Straumur-Burdaras Investment Bank hf. (Straumur). The FME has appointed a Resolution Committee which will take over all authority of the Board of Directors of Straumur.

 

During communications between Straumur and the FME it had become evident that the bank could not insure sufficient funds to meet its obligations. Furthermore it was the assessment of Straumur that raising the necessary funds for continued operations was not a viable option. Due to this grave situation the FME considered it necessary to resort to the above-mentioned actions.

 

As declared by the Government, all deposits in domestic commercial banks, savings banks and their branches in Iceland are fully guaranteed.

 

The following individuals, all employees of PriceWaterHouseCoopers, have been appointed to the Resolution Committee:

 

Reynir Vignir, chairman, certified public accountant

Kristinn Freyr Kristinsson, certified public accountant

Arna Guðrún Tryggvadóttir, certified public accountant

Elín Árnadóttir, solicitor

Ragnar Þórður Jónasson, solicitor

 

The decision can be found here

For further information for the media please contact Sigurður G. Valgeirsson, sgv@fme.is, tel +354 525 2700 or +354 840 3861

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