Assets & Financials
From the outset the Estate has followed a structured process when and how decisions are being made regarding potential asset disposals. The Estate is not actively trying to sell off assets and has strongly refused any fire sale bids; however, all reasonable potential monetization possibilities are examined. To that end, all loan and equity positions managed by the asset management team have a dedicated account- and portfolio manager who constantly monitors the performance and monetization opportunities for each asset.
Further information on the asset disposal process can be found in the
Creditors' Report
chapter 2.2.2 Positions under Asset Management – Process and Procedures.
Interested parties can send enquiries to
creditorcontact@kaupthing.com
The decision of the FME on 21 October 2008 to transfer part of the Bank’s operations to a New Kaupthing Bank hf. (now Arion Bank) means, inter alia, that Arion Bank takes over all of the Bank's deposits in Iceland, and also the bulk of the Bank's assets that relate to its Icelandic operations, such as loans and other claims.
More information can be found on the FME's website
According to guidance from the FME, all actual bank accounts are transferred from Kaupthing to Arion Bank, regardless of who the customer was (both from credit institutions and customers). In the case of money market agreements, the FME decided to categorise such transfers as deposits, except in instances when the counterparty of Kaupthing was another financial undertaking. So deposits from financial undertakings transferred to Arion Bank are only bank accounts that credit institutions have in Kaupthing.
Who are the owners of Arion Bank?
In December 2009, Kaupthing announced it would acquired 87% of the share capital in Arion Bank but 13% would remain under Government ownership. In accordance with FME‘s conditions, Kaupthing's subsidiary Kaupskil ehf. holds Kaupthing's shares in Arion Bank.
The Board of Directors of Arion Bank was appointed in accordance with the terms stipulated by the FME on Kaupskil’s ownership of Arion Bank, which stated that the majority of board members, including the Chairman, should be independent of Kaupthing and individual creditors.
Further information on Arion Bank can be found on Arion Bank's website
Disclaimer: This information is for informational purposes only and shall not be made legally binding towards Kaupthing ehf. Please note the terms of the
general disclaimer governing use of this website and the information contained on the website.