Announcement from the Winding Up Board of Glitnir Hf

The Central Bank of Iceland (“CBI”) has sent a letter to the Winding-up Board (the “CBI Letter”)., dated 23 September 2013

The CBI Letter is the first response to the application which the Winding-up Board made on 28 November  2012 for an exemption from the capital controls under the Foreign Exchange Act No. 87/1992 in order to proceed with a proposed composition which was detailed in that application.

It also responds to a request which the Winding-up Board submitted to the CBI on 27 August, 2013 to engage in an orderly process to discuss how the composition of the Glitnir estate might be resolved.

While the contents of the letter indicate potential misunderstandings about the terms of Glitnir’s proposed composition, the Winding-up Board welcomes the Governor’s statement that the CBI is now prepared to discuss Glitnir’s detailed ideas to address any outstanding issues relating to the impact of the proposed composition on Iceland’s financial stability.  

Having consulted with representatives of the informal creditors committee and having taken account of their views, the Winding-up Board is in the process of responding to the Governor and will be requesting that a meeting be arranged for as soon as possible.

For the Winding-up Board of Glitnir hf.

Steinunn Guðbjartsdóttir, Supreme Court attorney 
Páll Eiríksson, District Court attorney