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.

Retiring Chairman Lárus Finnbogason:

"My resignation from the Resolution Committee is based on purely personal grounds. From the very first day, these duties have involved an extremely heavy workload, which has prevented me from properly carrying out various other tasks for Deloitte, where I am a partner. I will now take up these tasks once more."

He adds: "In my estimation the bank's operations, which are based to a major extent on its highly capable and experienced staff, are now proceeding on the right track, although an enormous amount of long-term work remains to be done. Recently a Winding-up Board was appointed, which will handle various tasks in connection with lodgement of claims, their resolution and making dispositions from the estate, which to some extent will relieve the burden on the Resolution Committee. In view of this, I do not expect that my resignation from the Committee will disrupt its work to any significant extent, although changes always have some effect. It is therefore a favourable point in time for me to turn to other tasks."

Lárus Finnbogason will step down as Chairman effective at the end of the month and has notified the Financial Supervisory Authority (FME) thereof.