Ownership of Glitnir’s subsidiaries in finance and insurance has now been moved to the holding company GLB Holding.  The company is wholly owned by Glitnir. This new organizational structure is in line with the requirements set by the Icelandic Financial Supervisory Authority (FME), which on 30 December last year granted ISB Holding authorisation to take over 95% shareholding  in Íslandsbanki.  The approval of the Icelandic Competition Authority had previously been given.  Á íslensku

The Financial Supervisory Authority (FME) has granted ISB Holding ehf. permission to own a qualifying holding in Íslandsbanki on behalf of Glitnir hf. The permission is granted following a September 13, 2009, agreement between Glitnir and the Icelandic Ministry of Finance, authorising Glitnir to acquire a 95% holding in Íslandsbanki upon fulfilment of specified conditions.   Á íslensku

A report on the winding up proceedings and decisions on claims which was introduced at a meeting with the creditors in Reykjavik 17 December, has now been published on a restricted area of Glitnir´s website which is only accessible to creditors.

Login for creditors

Glitnir hf. and Bjarni Ármannsson, former CEO of Glitnir have reached an agreement on the repayment of the premium paid in share transactions between companies owned by Bjarni Ármannsson with Glitnir upon his termination of employment in April 2007.

Glitnir’s Winding-up Board has published the list of claims lodged in Glitnir’s winding-up proceedings on a restricted area of the bank's website to which creditors have access. Creditors who have lodged claims can also access the list of claims at Glitnir’s offices at Sóltún 26 in Reykjavík.

The time limit for lodging claims in Glitnir’s winding-up proceedings expired on 26 November and at a creditors’ meeting on 17 December, the Winding-up Board will go over the list of claims and explain the decisions which have already been taken. Creditors will also have an opportunity to object to decisions taken by the Winding-up Board on individual claims.  Á íslensku

A creditors meeting will be held on Thursday, 17 December 2009, at 10:00 am at Hilton Hotel Nordica, Suðurlandsbraut 2, 108 Reykjavík. Parties who have submitted claims against the bank are entitled to attend the meeting. This meeting will discuss the list of claims lodged and the decision of the Winding-Up Board insofar as it is then available. A list of claims lodged will be accessible to those who have submitted claims against the bank at least one week prior to the above-mentioned meeting at the office of the Winding Up Board of Glitnir hf. at Sóltún 26, 105 Reykjavík, Iceland.

On 19 November 2009 the District Court of Reykjavik ruled in favour of Old Glitnir's request for an extension to the Moratorium order originally granted on 24 November 2008. The current extension period is due to end on 13 August 2010.

On 5 November 2009, Glitnir hf. (“Glitnir’) announced the potential increase in its liabilities of EUR 752 million, relating to certain transactions identified as a result of Glitnir’s ongoing claims registration process. Following the creditor meeting on 5 November 2009, the Resolution Committee engaged Deloitte hf. (“Deloitte Iceland’) to review these transactions in order to provide further information in relation to their nature and potential quantum.

Due to media accounts of the past few days of a discrepancy of over EUR 750 million, which was recently revealed in reconciliation of Glitnir's accounts and disclosed at a creditors' meeting this past week, Glitnir's Resolution Committee would like to point out the following:

At 10am on 5 November 2009, the Moratorium Appointee of Glitnir held a creditors’ meeting in Reykjavik. The meeting was convened in accordance with Article 13 of Act No. 21/1991, in advance of the hearing at District Court of Reykjavik on 13 November 2009.

Further details of the meeting, including the presentations made and updated Statement of Assets and Liabilities, can be found here.