LBI's Financial Situation in Q4 2011
The Winding-up Board of Landsbanki Íslands hf. has updated the information on the estimated recovery of the bank's asset portfolio based on the status as of 31/12/2011. The actual estimated recovery increased in the quarter by ISK 15 billion. If regard is had for the sale of LBI's holding in the retail chain Iceland Foods in Q1 of this year, the actual estimated recovery increases by ISK 85 billion.
Attention is drawn to the fact that at the beginning of December last year, the Winding-up Board of LBI distributed a total of ISK 432 billion to creditors, calculated at a fixed exchange rate as of 22/04/2009.
Based on the same premises, the estimated recoveries at the end of last year, including the above-mentioned interim distributions, amount to over ISK 1,370 billion, which is over ISK 51 billion more than the book value of priority claims prior to the above-mentioned interim distributions. If the sale of LBI's holding in the retail chain Iceland Foods is included, the estimated recoveries, plus the above-mentioned interim distributions, are now close to ISK 1,440 billion, or around ISK 121 billion more than the book value of priority claims prior to the above-mentioned interim distributions.