An agreement has been made between the Resolution Committee of Landsbanki Islands hf. and the National Association of Pension Funds. Below is a News announcement from NAPF today:

News Announcement from the National Association of Pension Funds

Ever since the collapse of the Icelandic banks in the autumn of 2008, negotiations have been underway between representatives of twelve pension funds and the Resolution Committee of Landsbanki Íslands hf. on the status of the funds’ forward currency hedge contracts with the bank and the basis for a possible agreement on their settlement.

A framework agreement has now been signed between representatives of the National Association of Pension Funds and the Resolution Committee of Landsbanki Íslands hf. on a final settlement of these contracts.

The outcome of the agreement for the most part reflects the position of these contracts as recognised in the pension funds’ annual financial statements and will not affect their actuarial position.

The conclusion of this agreement will enable settlements to be finalised between Landsbanki and individual pension funds.

For further information, contact the Chairman of the National Association of Pension Funds, Arnar Sigurmundsson, tel. +354 822 0351.