The Resolution Committee and Winding-Up Board of Glitnir hf. (“Glitnir”) are pleased to present the Statement of Assets and Liabilities of Glitnir as at 31 December 2009 (the “Statement”).

 Glitnir SAL 31.12.09

The Glitnir restructuring was chosen as one of eight finalists for the IFLR Europe Restructuring Deal of the Year award. IFLR (the International Financial Law Review) is a leading European publication that focuses on the financial markets.  These annual awards recognize innovative and successful work in the capital markets and in finance. The European awards ceremony 2010 was held in London on 18 March 2010. The winner in the restructuring category was McCarthy & Stone.

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

A new Board of Directors has been appointed for Íslandsbanki. Six members out of the seven are appointed by ISB Holding ehf. owned by Glitnir hf. which holds a 95% share in the bank. The Icelandic State Banking Agency (ISBA) appoints one member based on nominations from a selection committee.

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

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

A report on the winding up proceedings and decisions on claims which was introduced at a meeting with the creditors in Reykjavik 17 December, has now been published on a restricted area of Glitnir´s website which is only accessible to creditors.

Login for creditors

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.