The Resolution Committee and Winding-up Board of Glitnir hf. have concluded a series of meetings undertaken to present the bank’s matters.
Meetings were held with representatives of ministries, the Central Bank, FSA and various media. Representatives of Glitnir also appeared for the Trade Committee of the Icelandic parliament, Althingi.
In response to a media query in Iceland, Glitnir’s Resolution Committee and Winding-up Board provide the following summary of aggregate operating expenses for 2009. It is important to bear in mind that the cost of managing the estate is paid by creditors, around 80% of whom are foreign parties. Creditors’ representatives monitor Glitnir’s activities closely and are informed regularly and in detail of the progress of events. In order to maximise the value of the assets of Glitnir’s estate, creditors’ representatives have placed major emphasis on obtaining the advice and assistance of the most capable experts in each area. Due to the scope of the estate and complexity of the tasks to be dealt with, it has naturally proven necessary to seek the assistance of international experts to a major extent. Á íslensku
Glitnir's Resolution Committee, on behalf of its creditors, decided on 15 October 2009 to acquire a 95% share in Íslandsbanki with the Icelandic government holding the remaining 5% of shares. The new Members of the Board all have comprehensive experience in business, financial markets and management. Á íslensku hér.
The Resolution Committee (“RC”) and Winding-Up Board (“WuB”) of Glitnir hf (“Glitnir”) wish to invite creditors who have an interest in participating on the Informal Creditors Committee of Glitnir (“ICC”) to do so by Friday 29th January 2010.
Ownership of Glitnir’s subsidiaries in finance and insurance has now been moved to the holding company GLB Holding. The company is wholly owned by Glitnir. This new organizational structure is in line with the requirements set by the Icelandic Financial Supervisory Authority (FME), which on 30 December last year granted ISB Holding authorisation to take over 95% shareholding in Íslandsbanki. The approval of the Icelandic Competition Authority had previously been given. Á íslensku
Financial Supervisory Authority authorises ISB Holding ehf. to own qualifying holding in Íslandsbanki
The Financial Supervisory Authority (FME) has granted ISB Holding ehf. permission to own a qualifying holding in Íslandsbanki on behalf of Glitnir hf. The permission is granted following a September 13, 2009, agreement between Glitnir and the Icelandic Ministry of Finance, authorising Glitnir to acquire a 95% holding in Íslandsbanki upon fulfilment of specified conditions. Á íslensku
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Glitnir hf. and Bjarni Ármannsson, former CEO of Glitnir have reached an agreement on the repayment of the premium paid in share transactions between companies owned by Bjarni Ármannsson with Glitnir upon his termination of employment in April 2007.
Glitnir’s Winding-up Board has published the list of claims lodged in Glitnir’s winding-up proceedings on a restricted area of the bank's website to which creditors have access. Creditors who have lodged claims can also access the list of claims at Glitnir’s offices at Sóltún 26 in Reykjavík.
The time limit for lodging claims in Glitnir’s winding-up proceedings expired on 26 November and at a creditors’ meeting on 17 December, the Winding-up Board will go over the list of claims and explain the decisions which have already been taken. Creditors will also have an opportunity to object to decisions taken by the Winding-up Board on individual claims. Á íslensku