About Resolution Committee
On 9 October 2008, the Icelandic Financial Supervisory Authority ("FME") appointed a Resolution Committee of Kaupthing Bank hf. (the "Bank"), in accordance with article 5 of Legislative Act No. 125/2008 on the Authority for Treasury Disbursements due to Unusual Financial Market Circumstances etc.
The members of the Resolution Committee were selected by the FME from a broad cross-section of Icelandic business, legal and accounting fields. Today, the Bank’s Resolution Committee consists of the following four members:
- Steinar Thor Gudgeirsson, Attorney to the Supreme Court of Iceland – Chairman
- Johannes Runar Johannsson, Attorney to the Supreme Court of Iceland
- Knutur Thorhallsson, Certified Public Accountant
- Theodor Sigurbergsson, Certified Public Accountant
Initially, the Resolution Committee operated in consultation and co-operation with the FME. However, after a moratorium status was granted to the Bank, on 24 November 2008, the Resolution Committee became virtually independent from any governmental body and currently directs the Bank in co-operation with Olafur Gardarsson, attorney to the Supreme Court, the Moratorium Supervisor. As an entity in Iceland with a banking licence, the Bank is still subject to supervision by the FME.
The role of the Resolution Committee is to safeguard the value of the Bank's assets and to maximize the recovery of claims on behalf of the Bank's creditors. The Resolution Committee which holds the powers of the board of directors works together with the Winding-up Committee to protect the interests of the Bank's creditors. In doing so, the moratorium status is crucial as breathing space for the Bank to concentrate on the tasks at hand so that it can achieve its objectives to protect creditors' interests and ensure the equal treatment of creditors.
The Bank compiles a monthly report for creditors which is available on this website so that creditors and other interested parties can keep abreast of the main developments and achievements.