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Ministry of Finance and Economic Affairs

The Resolution Committee of Glitnir granted been granted an extension to October 15th to decide whether to aquire control Íslandsbanki

Press release No. 65/2009

The Ministry of Finance has accepted a request from the Resolution Committee of Glitnir, on behalf of its creditors, for an extension until October 15th to arrive at a final decicion whether to acquire control of Islandsbanki.

Under the agreement between the Government and the Resolution Committee, signed on September 13th 2009, the Resolution Committee had until 30 September 2009 to decide whether to acquire control of 95% of shares in Islandsbanki or to accept compensation in the form of bond instruments to be issued by Islandsbanki.

Islandsbanki has recently submitted the necessary information about the economic and financial accounts of the bank, but the Resolution Committee wishes to have the time for a closer look at it and to consult with creditors before arriving at a final decicion.

The Ministry of Finance has also decided not to grant any further extensions to the Resolution Committee.

Ministry of Finance, September 30 2009



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