The Winding-up Board of Glitnir. met with representatives of the Central Bank of Iceland today to present a proposal designed to fulfill the financial conditions in Icelandic law which stipulate that of monetary and exchange rate stability should not be jeopardized, as outlined by the Central Bank in its letter of 23 September 2013.
The proposal was put forward in relation to Glitnir’s exemption request for its proposed composition
The Central Bank of Iceland received the proposal without any commitments other than to submit it to analysis. Á íslensku
The Winding up Board of Glitnir hf. („Glitnir“) has commissioned an analysis of trading activity in Glitnir claims since the default in October 2008 (the „Default“) to September 2013 from the financial advisory firm Moelis & Company („Moelis“).
According to the analysis, whilst the market in buying and selling („transferring“) Glitnir claims has been very active, pre-Default creditors who have not subsequently sold their claims still hold 29% of Glitnir‘s claims by value (by number, 93% of Glitnir´s creditors). Á íslensku
The Winding-Up Board of Glitnir herby present the Financial information for Q3 2013.
Today in London Lord Eatwell presented his views on macroeconomic balances and capital account liberalisation in Iceland. This presentation is now available.
Lord Eatwell's presentation
Questions and Answers
Due to technical difficulties it was not possible to dial-in to the informal meeting with Lord Eatwell. Lord Eatwell’s presentation will be made available on Glitnir’s website as soon as possible.
On 19 July 2011 the Icelandic Financial Supervisory Authority (the “FSA”) revoked the banking licence of Glitnir Banki hf., meaning it had to change its name from “Glitnir Banki” to “Glitnir”. However, the FSA granted Glitnir a temporary exemption from changing its website address and its employees’ email addresses.
With effect from 1 November 2013, Glitnir’s official website address and the email addresses of its employees will change from glitnirbank.com to glitnir.info,although emails to, and website searches of, glitnirbank.com will be re-directed to the new glitnir.info address.
As announced at the Open Creditors‘ Meeting on 23 October 2013, Lord Eatwell will present his independant report on macroeconomic balances and capital account liberalisation in Iceland, at an informal creditors´meeting at 14:30 (GMT) on 5 November 2013. The meeting is scheduled to end at 16:30 (GMT) and will include time for questions from the floor.
The meeting will be held at :
The Newgate Suite
The Mermaid Conference and Eventes Centre
London, EC4V 3DB
Glitnir hereby presents a summary of Glitnir's Current Business plan (BP) which is based on an opening position of 30 June 2013. The cash flow and the cash balance at the end of each year are presented in three categories; 1) ISK, 2) FX from domestic counterparties, and 3) FX from foreign counterparties.
Please also note however that the cashflows exclude the monetisation of Íslandsbanki, which is too uncertain to make reliable assumptions on regarding quantum, timing and currency. Glitnir would also like to draw attention to the other important accompanying notes and risk factors set out in the presentation.
The Winding-up Board (the “Winding-up Board”) of Glitnir hf. (“Glitnir”) announced on 20 September 2012 that, as part of its planning for a potential composition proposal, it had identified Jan Kvarnström as the prospective chairman of the post-composition board of directors of Glitnir, and had entered into a consultancy agreement with him to cover the period prior to the composition becoming effective.
At that time, it had been anticipated that Glitnir would shortly be able to propose a composition to its creditors for their approval. In that respect an application (the “Application”)was made on 28 November 2012 to the Central Bank of Iceland (the “CBI”) for an exemption from the Foreign Exchange Act. No. 87/1992 in order to proceed with the proposed composition which was detailed in the Application. However, and as the Winding-up Board recently announced, the first response to the Application was only received from the CBI on 23 September 2013. Although the Winding-up Board is seeking to arrange a meeting as soon as possible with the CBI to discuss the Application, it is not currently clear when it will be possible to proceed with a composition.
As announced on Friday 6 September 2013, an informal meeting of the creditors’ of Glitnir hf. („Glitnir“) will be held at Moelis & Company, 399 Park Avenue, 5th Floor, New York, NY 10022, USA at 10:00 a.m. (EST) on 8 October 2013. The purpose of the meeting will be to provide creditors with a short briefing in relation to amongst other:
- Communication/ process update
- Islandsbanki update
- Next steps
For the Winding-up Board of Glitnir hf.
Steinunn Guðbjartsdóttir, Supreme Court attorney
Páll Eiríksson, District Court attorney
Due to the open creditors meeting on 23 October 2013 the Winding-up Board of Glitnir hf. will not issue new Notices of Successful Transfers from 9 October 2013 until, and including, 24 October 2013. The open creditor meeting will not affect other notices sent from the Winding-up Board or its transfer agent, Epiq Bankruptcy Solutions, LLC, in the transfer process of requested transfers. Notices of successful transfers will be issued from 25 October 2013.