HM Treasury

Financial services

Resolution committees

In accordance with Icelandic law, the Icelandic Financial Supervisory Authority set up resolution committees for each of its failed Icelandic banks. These are also sometimes referred to as “receivership committees”.

The role of a resolution committee is to take on all of the powers of the former bank directors. The committee also oversees the protection of bank assets and seeks to realise their value. Finally, the committee enjoys exclusive power to commence a formal winding-up process for the relevant bank.

The committees to administer Icelandic parent banks Landsbanki, Glitnir and Kaupthing were appointed in October 2008. Deloitte & Touche LLP was selected for all of the committees to help with communication and consultation with creditors.

In the UK, the remaining business that was not acquired by ING Direct was placed into administration. Ernst & Young LLP were appointed administrators.

Contact details for Iceland's resolution committees

Iceland

Landsbanki - Landsbanka Íslands hf.

Glitnir - Glitni banka hf.

Kaupthing - Kaupþing banka hf.

UK

Administrators - Ernst & Young LLP


 

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Icelandic banks


Further resources

Financial Stability index