Kaupthing files an exemption request from capital controls

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2015-09-08 23

An exemption application from certain restrictions under the Act on Foreign Exchange (No. 87/1992) was submitted by Kaupthing to the Central Bank of Iceland on Friday, 4 September 2015. The exemption is required in order to make distributions to creditors domiciled outside of Iceland and in order to fulfil the terms of an approved composition agreement. The exemption application is based on a proposal submitted by representatives of certain of the larger creditors of Kaupthing (the “Kaupthing Creditors Proposal”) outlined in the announcement by the Ministry of Finance and Economic Affairs ("Iceland in Continuing Consultations Regarding - Capital Control Liberalization (Kaupthing)") on 8 June 2015. Kaupthing will provide creditors with an update on the progress of the application in due course.

Note: The Ministry of Finance announcement is here: http://www.ministryoffinance.is/news/nr/19597