Iceland Lawmaker Says Could Block Bank Composition Accords

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2012-11-09 (All day)

Iceland’s parliament would support the central bank if it chooses to block composition agreements to ease pressure on the krona, said Helgi Hjorvar, chairman of the legislature’s economy and tax committee.
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Steinunn Gudbjartsdottir, chairwoman of Glitnir‘s winding- up committee, said she has no “indication” that the central bank won’t approve the group’s proposed plan.

“Both Glitnir and Kaupthing have for some time now been planning to complete the winding-up proceedings with a composition agreement,” she said. “The intention was to send the banks’ creditors composition agreements before the end of the year. That’s completely dependent on the central bank approving the banks’ composition proposals.”