Provisional approval received from the Central Bank of Iceland

On 11 November 2015 the Winding-up Board received a letter from the Central Bank of Iceland, in response to LBI´s exemption request based on the Composition Proposal, giving its provisional approval to that request and the intended Stability Contribution. This provisional approval is granted subject to the Composition Proposal being approved by creditors and subsequently confirmed by the Icelandic court(s) and LBI complying in full with the terms of the Stability Contribution, taking into account any comments which the Central Bank may have on the implementing documentation, and any other conditions which may attach to the exemption. Furthermore, it is confirmed that the mandatory consultation with the Minister of Finance and Economic Affairs, as well as the presentation of the economic impact of granting the requested exemption to the parliamentary Economic and Trade Committee, has been carried out and that the Minister's position accords with the Central Bank's assessment. 

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