Provisional approval received from the Central Bank of Iceland

Posted 13/11/2015 - 13:48 by anrigaut

5
Your rating: None Average: 5 (1 vote)
2015-11-12 (All day)

On 12 November 2015, Kaupthing received a formal response from the Central Bank of Iceland (“CBI”) to the request submitted by Kaupthing to the CBI on 21 October 2015 for certain exemptions from the Foreign Exchange Act (the “October 2015 Exemption Request”), as announced on Kaupthing´s public website on 28 October 2015, giving its provisional approval to that request.

In its response, the CBI stipulates that the adjusted stability contribution described in the October 2015 Exemption Request as a precondition to the granting of the requested exemptions (the “Revised Stability Contribution”) will not jeopardise financial stability and that the requested exemptions will be granted subject to, among other things, Kaupthing´s proposed composition being approved by the Icelandic courts, .....