Impoundment of Glitnir’s assets in Norway ends

This past week Glitnir’s assets in Norway, which have been impounded since the bank’s collapse last October, were released. The action gives the bank’s Resolution Committee unrestricted control over its assets in Norway, which are valued at around ISK 100 billion. According to the chairman of Glitnir’s Resolution Committee Árni Tómasson this is an important outcome, since it makes it clear that the bank will be able to fulfil all of its commitments in Norway and thereby maximise the value of assets. Furthermore, it ensures equal treatment of creditors, as those who demanded the impoundment in Norway must now, like all creditors, direct their claims to the bank's estate in liquidation in Iceland, where any disputes arising will be resolved by Icelandic courts.

Three parties originally demanded the impoundment of Glitnir’s assets in Norway, and Norwegian courts agreed to their demand. Glitnir’s Resolution Committee requested that the demand be submitted to a court for review in a case brought before a court of first instance in Trondheim in January this year. After the court rejected the demand for impoundment, the German bank KfW appealed the decision. Other creditors withdrew their demands for impoundment and when the time came for the case to be heard by the appellate court last week, KfW also withdrew its demand for impoundment. Subsequently all impoundment of Glitnir’s assets in Norway has now been removed.

For further information contact:
Árni Tómasson, Chairman of Glitnir's Resolution Committee: +354 898 2994