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Ministry of Finance and Economic Affairs

Announcement by the Ministry of Finance and the Resolution Committee of Kaupthing: Deadline regarding capitalization of New Kaupthing extended until end of November

Press release No. 73/2009

The Ministry of Finance and the Resolution Committee of Kaupthing have agreed to extend the deadline for the Resolution Committee to make a decision regarding the capitalization of New Kaupthing until 30 November 2009.

The agreement signed by the Government and the Resolution Committee on 3 September 2009, stipulates that the Resolution Committee had to arrive at a decision by 31 October 2009 on whether Kaupthing acquires 87% stake in New Kaupthing now, or has a call option at a later stage and New Kaupthing would remain in Government’s ownership.

Both parties agree that more time is needed for due diligence before the Resolution Committee makes its final decision. Audited financial accounts have not been presented by New Kaupthing, neither annual accounts for 2008, nor 9-month financial statement for 2009. This information is foreseen to be made available within a short time frame.

The Ministry of Finance’s decision for extended deadline was taken in consultation with the management and auditor of New Kaupthing.

Ministry of Finance, October 30 2009


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