Islandsbanki hf. : Glitnir hf. creditor group submits amended proposal for stability contribution

20.10.2015 - IR Releases

The Ministry of Finance and Economic Affairs announced this morning that a group of Glitnir's hf. creditors has submitted amendments to its previous proposal concerning Glitnir's stability contributions to the State announced on June 8th 2015, in relations to the government's plan of lifting of the capital controls.

The main changes from the already proposed stability contribution is that Glitnir will relinquish to the authorities all of its shares in ISB Holding ehf., which owns 95% of shares in Íslandsbanki hf. Íslandsbanki's equity totalled about ISK 185 bn. at the end of June 2015.

On July 16th, Glitnir and Íslandsbanki entered into Heads of Agreement regarding certain measures to facilitate the composition of Glitnir. The main change from the existing Agreement is that the total equity ratio will not be reduced, as the current proposal does not entail a special dividend from the bank. Glitnir will purchase from the Government the existing Tier 2 notes issued by Íslandsbanki. Deposits in FX are to be termed out, while repayment of ISK deposits is subject to an agreement with the Central Bank.

The above described measures are subject to the same assumptions as were specified in the proposals of 8 June 2015, including an exemption from the Foreign Exchange Act, no. 87/1992, which will authorise Glitnir to conclude its composition agreements.Glitnir's composition agreement is not expected to be concluded before year end.
These changes will not impact Íslandsbanki's daily operations and will leave the bank with very strong capital ratios.

The announcement from the Ministry of Finance and Economic Affairs can be found here:

Older news

Íslandsbanki issues EUR 300m bond and announces partial buyback of its 2020 EUR 500m bond

04.04.2019 - IR Releases
Íslandsbanki has today issued a EUR 300m 1.125% fixed rate senior unsecured bond for 3 years, at a spread of 130 basis points over mid-swaps.More

Annual General Meeting 2019 - agenda, candidates and proposals

The Annual General Meeting of Íslandsbanki hf. will be held on March 21, 2019 at the Bank's headquarters, Hagasmári 3, 201 Kópavogur at 15:00.More

Publication of 2018 Annual Report and Pillar 3 Report

13.02.2019 - IR Releases
Íslandsbanki has published an Annual Report and Pillar 3 Report for 2018. More

Annual Results 2018

13.02.2019 - IR Releases
The Bank and Íslandssjóðir turned in a good operating performance during the year, with a consolidated profit of ISK 10.6bn, while operational...More

Publication of 2018 year-end results

30.01.2019 - IR Releases
Close of business Wednesday, 13 February 2019More

Íslandsbanki to terminate credit rating contract with Fitch Ratings

30.01.2019 - IR Releases
Íslandsbanki informs that following expiration and by agreement of parties, the credit rating service contract between Fitch Ratings and Íslandsbanki...More

Ásmundur Tryggvason to direct Corporate and Investment Banking

Ásmundur Tryggvason has been engaged as director of Corporate and Investment Banking at Íslandsbanki. He replaces Vilhelm Már Þorsteinsson, who will...More