Settlement between Landsbanki and NBI to be completed before October 9 2009
By the authority of temporary provision VI of Act No. 161/2002 on Financial Undertakings, cf. temporary provision IV of Act No. 44/2009 (formerly Art. 100a in Act No. 161/2002, cf. Art. 5 of Act No. 125/2008), the FME has made the following decision:
PREMISES:
The decision of the FME of 14 August 2009 specified that the issuance of the financial instrument and the financing of NBI hf. should be completed no later than 18 September 2009 and the final settlement in respect of the disposal of assets and liabilities of Landsbanki Íslands hf. to NBI hf. no later than 30 September 2009.
In a letter to the FME from the Ministry of Finance and Landsbanki Íslands hf., dated 18 September 2009, the negotiating parties request a further extension to complete the negotiations and the conclusion of the financial instrument for the settlement in respect of the disposal of assets and liabilities of Landsbanki Íslands hf. to NBI hf.
In light of the aforesaid, the FME has decided to amend the second sentence of point 13 of its prior decision of 9 October 2008, cf. the decisions of the FME in this case of 15 June, 18 July 2009 and 14 August 2009.
DECISION:
The financing of NBI hf. and the issuance of the financial instrument on a final settlement in respect of the disposal of assets and liabilities of Landsbanki Íslands hf. to NBI hf. shall be completed no later than 9 October 2009.
Other provisions of prior decisions in this case remain unchanged.
FME´s decision can be found here.
