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21.01.2015

Auction for the purchase of Icelandic krónur by the Central Bank of Iceland in exchange for foreign currency

The Central Bank of Iceland has further amended its Terms of Auction for the purchase of Icelandic krónur (ISK) in exchange for foreign currency and, among other things, vacated the condition that minimum bid from each individual creditor is one million ISK. This amendment therefore allows commercial banks in Iceland to collect offers on non-residents´ ISK assets deriving from domestic bankruptcy estates´ payments on claims recognised with priority according to Articles 109. – 112. of the Act on Bankruptcy etc. No 21/1991 regardless of the amount.

An advertisement and the Terms of Auction from the Central bank can be found here.

To participate in the auction the creditors in question should approach any of the four commercial banks stated in the Terms of Auction, including Landsbankinn hf., which holds the LBI escrow account for ISK.

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LBI hf. (formerly Landsbanki Íslands hf.) is in winding-up proceedings in accordance with Icelandic law. LBI is governed by a Winding-up Board appointed by the Icelandic Courts.

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