First partial payments in the winding-up proceedings of Landsbanki Íslands hf.

The Winding-up Board of Landsbanki Íslands hf. has made the first partial payments to priority creditors in the winding-up of Landsbanki Íslands hf. The partial payments are based on an authorisation in the sixth paragraph of Art. 102 of the Act on Financial Undertakings. Among those receiving payment were creditors in the nine deposit cases in which judgements were recently pronounced by the Supreme Court of Iceland. In tandem with making the payments, the Winding-up Board deposited in special escrow accounts an equivalent percentage of all equally ranked claims which are still disputed or where resolution of disputes is not yet concluded.

Letters to creditors regarding their payments into the escrow accounts will be sent out in the next few days.

The total amount disbursed was equivalent to ISK 432 billion, which is close to one-third of the recognised priority claims. Payment was made in a basket of the main currencies which were available, i.e. euros, pounds sterling, US dollars and Icelandic krónur. Further information is available on the creditors' restricted area of the bank's website.

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