Detailed information

The accompanying documentation, that is published on our homepage under Creditor´s meetings, includes substantially more information on the activities and financial affairs of Landsbanki Íslands hf. (LBI) than have been previously available, together with a more detailed analysis of them. In providing this, the bank aims to respond to requests for increased information disclosure and transparency in the work of Resolution Committees and Winding-up Boards.

Creditors of Landsbanki Íslands hf. are advised that an updated list of claims lodged against the bank has been published on a restricted area of LBI's website.

The Icelandic government, the Resolution Committee of Landsbanki Ísland and new Landsbankinn (NBI) have signed a final agreement on the settlement of assets and liabilities following the division of Landsbanki Íslands into old and new banks, following its collapse in October 2009.

COURT RULING of the District Court of Reykjavik 27 November 2009 in case no. J-7/2008:

Request of Landsbanki Íslands for an extension of a declaration of a moratorium with a submission that was submitted for consideration during a session of the court on the 26 of this month, the Landsbanki Íslands made a request for an extension of its permission for a moratorium to be extended for six months, cf. authorization in par. 3 of Article 98 in Act no. 161/2002, cf. Article 2 in Act no. 129/2008, cf. provisional clauses IV and V in Act no. 161/2002, cf. Act no. 44/2009.

On 30 April 2009 the Winding-up Board of Landsbanki Íslands hf. invited all parties considering themselves as creditors of the bank to submit their claims within six months. That time limit expired on 30 October 2009.

The Resolution Committee of Landsbanki Íslands hf. is pleased to announce that agreements have been reached on the value of and payment for those assets transferred from Landsbanki to NBI hf.

A Bill regarding authorisation for the Minister of Finance, to issue a State guarantee of the loans granted by the governments of the UK and the Netherlands to the Depositors and Investors Guarantee Fund of Iceland, was passed as law by the Parliament of Iceland on the 28th of August 2009.

In response to reports in the media of dealings between the Resolution Committee of Landsbanki Íslands hf. and Jón Ásgeir Jóhannesson, the Resolution Committee would like to make it clear that no disagreement exists with Jón Ásgeir Jóhannesson and/or Ingibjörg Stefanía Pálmadóttir concerning their previous commitments to the bank. In recent months, the parties have worked jointly on upgrading collateral already held by the bank. Mortgaging of the property Hverfisgata 8-10 was concluded in order to better guarantee repayment of loans connected to the parties.

The Winding-up Board and Resolution Committee of Landsbanki Íslands hf. have, through legal counsel, engaged Deloitte in London to carry out an investigation of the bank's activities and financial matters.

Lárus Finnbogason has resigned from the Resolution Committee of Landsbanki Íslands hf. at his own request, after serving as Chairman of the Resolution Committee for almost nine months.

The Resolution Committee of Landsbanki Íslands hf. has updated its assessment, presented in February this year, of the bank's assets as of the end of April 2009.

The Landsbanki Resolution Committee notes the decision to lift the Freezing Order which was imposed in October 2008 on the UK assets of Landsbanki.

1. The entry into force of Act No. 44/2009, amending Act No. 161/2002, on Financial Undertakings, as subsequently amended, makes it possible to begin the process of lodging claims against Landsbanki Íslands hf.

Moody's yesterday downgraded Landsbanki Íslands long-term deposit rating to C from Caa1 and its senior debt ratings to C from Caa2. Moody's also announced that they will withdraw the ratings within the next few days.

The District Court of Reykjavík today agreed to a motion by the Resolution Committee of Landsbanki Íslands hf. to extend the company's moratorium by nine months, or until 26 November 2009. No creditor objected to the extension request when the case was brought before the Court.

London - Landsbanki Islands hf. reports that its petition to place BG Holding ehf into administration under English law has been granted at the High Court of Justice in London today. As a result Tony Lomas and Zelf Hussain of PricewaterhouseCoopers LLP become joint administrators of BG Holding ehf.

London - Following the petition by Landsbanki Islands hf. to place BG Holding ehf. into administration under English law, Landsbanki Islands hf. has exercised its rights over selected securities that BG Holding ehf. holds and has nominated receivers from PricewaterhouseCoopers LLP to hold the shares on their behalf.

London - Landsbanki yesterday filed a petition to place BG Holding ehf into administration under English law, nominating Tony Lomas and Zelf Hussain of PricewaterhouseCoopers LLP to act as joint administrators of BG Holding ehf.

The Bankruptcy Court, Southern District of New York, has recognised the moratorium granted to Landsbanki Íslands hf. on 5 December 2008 by the Reykjavík District Court, Iceland.

Fitch Ratings today affirmed and simultaneusly withdrew the credit ratings of Landsbanki Íslands (Old Landsbanki). Fitch has also affirmed and simulteneusly withdrawn the ratings of Old Landsbanki's UK subsidiary, Landsbanki Heritable Bank Plc.