The Central Bank of Iceland has amended its Terms of Auction for the purchase of Icelandic krónur (ISK) in exchange for foreign currency to allow 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.

An advertisement from the Central bank can be found here and the Terms of Auction as published by 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. According to the Terms of Auction the aggregate amount of bids collected by any of the commercial banks in question shall exceed 100 million ISK and be in multiples of one million ISK. The minimum bid from each individual customer is one million ISK. Further information can be found in the documents referred to above and on the web site of the Central Bank, www.sedlabanki.is.