Second Meeting of Informal Creditors' Committee
The Resolution Committee held an informal creditors' committee (ICC) meeting on 12 December 2008. The ICC is made up of creditors and creditors' representatives of Old Landsbanki representing the interests of different classes and types of creditors.
This was the second meeting held, following the first meeting on 14th November.
The Resolution Committee has achieved many notable successes in protecting and thus preserving value in Old Landsbanki's assets since the first meeting. These were shared with the ICC. This included specific actions involving the bank's UK assets and the entering into a moratorium without any impact on the banks business or operations due to extensive preparation. In regard to the moratorium, Kristinn Bjarnason, the court appointed assistant to Landsbanki under the moratorium introduced himself and discussed his role with creditors. The Resolution Committee also presented to the ICC a detailed description of the banks assets, and its asset strategy. Branch managers responsible for managing the branch assets were present at the meeting to provide their hands-on knowledge.
Specifically in response to ICC members requests prior to the meeting, the Resolution Committee arranged for relevant third parties to discuss topics relevant to the restructuring process. This included a representative from the Prime Minister's Office involved in discussions with the International Monetary Fund (IMF) to present the program and to discuss points specific to bank restructuring under the program with the ICC. Oliver Wyman, the firm appointed to conduct the valuation in regard to the transfer of assets to NBI hf, and a representative from the Icelandic financial regulator (FME), the body overseeing the valuation process, were on hand to present the process and valuation principles and to hear the ICC's views on the process, as was a representative from NBI hf, to present the new banks' operations and strategy.
Discussions were constructive and the Resolution Committee will continue to consult and discuss with the ICC in carrying out its mandate to maximise recovery for all stakeholders.