Íslandsbanki's General Meeting 2011

30.03.2011 - Financial Results

Íslandsbanki's Annual General Meeting was held at the Bank's headquarters in Iceland yesterday, 29 March 2011.

In his speech, Chairman of the Board, Friðrik Sophusson spoke of the many accomplishments during the Bank's two and a half years of operations. Amongst them were changes to the Bank's governance structure and regulatory framework that strengthened the surveillance divisions considerably. This all forms a part of the vital work of rebuilding the trust that vanished overnight in the collapse of October 2008.

Sophusson went on to say that government's decision not to lift capital controls until 2015 was indeed a disappointment however it is understandable that great care should be taken with this delicate matter. To accelerate the lifting of the controls and yet prevent capital flight investors, both domestic and foreign, need to have a choice of interesting investment opportunities to avail themselves of. Therefore one of the most important tasks lying ahead is the revival of the Icelandic equities market.

Birna Einarsdóttir, Íslandsbanki's CEO, introduced the Bank's accounts and the highlights of the Bank's operations in the past year. The principal focus remains the restructuring of household and corporate debt. Einarsdottir reiterated that it is the Bank's goal largely to complete restructuring of its corporate clients before year-end 2011. Einarsdottir further revealed that the Bank's US subsidiary, Glacier Securities, had been granted a full operating licence by FINRA on 28 March 2011 and that the Bank is aiming for a formal opening of its offices in NY in April 2011.

Íslandsbanki's annual report along with a new comprehensive risk book was distributed at the meeting, both of which may be obtained on the Bank's website.

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