The Resoloution Committee
On 9 March 2009, The Icelandic Financial Supervisory Authority (IFSA)
decided
to assume the powers of a meeting of the shareholders of Straumur and
immediately suspend the Board in its entirety. Further, the IFSA
appointed a
Resolution Committee, which took over all authority of the Board of
Directors.
The actions of The Icelandic Financial Supervisory Authority (IFSA) were
in
accordance with article 5 of Legislative Act No. 125/2008 on the
Authority for
Treasury Disbursements due to Unusual Financial Market Circumstances
etc.
The Resolution Committee consists of the following five members:
- Reynir Vignir, Chairman, certified public accountant
- Kristinn Freyr Kristinsson, certified public accountant
- Arna Gudrún Tryggvadóttir, certified public accountant
- Elín Árnadóttir, solicitor
- Ragnar Þórdur Jónasson, solicitor
The Resolution Committee is virtually independent from any
governmental body
and currently directs the Bank in co-operation with Hördur Felix
Harðarson,
attorney to the Supreme Court, the Moratorium Assistant. As an entity in
Iceland
with a banking licence, the Bank is still subject to supervision by the
FME.
The role of the Resolution Committee is to safeguard the value of the
Bank's
assets and to maximize the recovery of claims on behalf of the Bank's
creditors.
The Resolution Committee which holds the powers of the board of
directors works
together with the Winding-up Board to protect the interests of the
Bank's
creditors. In doing so, the moratorium status is crucial as breathing
space for
the Bank to concentrate on the tasks at hand so that it can achieve its
objectives to protect creditors' interests and ensure the equal
treatment of
creditors.
The Bank publishes a monthly update for creditors which is available
on www.straumur.com so that
creditors and
other interested parties can keep track of the main developments.
The Resolution Committee
Straumur Investment Bank
Borgartun 25
105 Reykjavik
Iceland
Contact the Resolution Committee: skilanefnd@straumur.com