Glitnir's Proposed Composition

On 11 November 2015, The Winding-up Board received a letter from the Central Bank of Iceland (“CBI”) in response to its Further Exemption Request in relation to the Revised Stability Proposal announced on 20 October 2015 giving its provisional approval to that request.

This provisional approval is granted subject to Glitnir complying in full with the terms of the Revised Stability Proposal and taking into account any comments which the CBI’s representative may have on the implementing documentation and any other conditions which may attach to the exemption.

In assessing the grant of the exemption, the CBI will also have regard to whether the proposal to release the Government Parties (which is to be considered at the Open Creditors’ Meeting convened for 20 November 2015) had been approved in a final and binding manner.

The terms of the Revised Stability Proposal are set out in the Explanatory Memorandum which Glitnir published on 6 November 2015.

“Government Parties” is defined in the Notice dated 6 November 2015 convening the Open Creditors’ Meeting convened for 20 November 2015.

The Winding-up Board of Glitnir hf.
Steinunn Guðbjartsdóttir, hrl.
Páll Eiríksson, hdl.