The Valuation of the net assets of the New Banks

29.1.2009

The Financial Supervisory Authority (FME) continues to make progress on the valuation of the net assets of the New Banks.

In accordance with the Letter of Intent that Iceland issued to the International Monetary Fund on 15 November 2008, the FME has appointed Deloitte LLP to complete a net asset valuation for New Landsbanki Íslands hf., New Glitnir Bank hf. and New Kaupthing Bank hf. As stated in the three decisions issued by the FME on 9 January 2009, the valuation of the net assets will take longer than initially envisaged, and a decision on the completion date will be taken no later than 15 February 2009.

As announced in the press release issued by the FME on 11 December 2008, Oliver Wyman continues to co-ordinate the valuation process.

For further information for the media please contact Sigurður G. Valgeirsson, sgv@fme.is tel. +354 525 27 00 and mobile: 840-3861 or Íris Björk Hreinsdóttir, iris@fme.is.

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