Glitnir granted an extension to October 15th to decide whether to aquire control of Íslandsbanki

The Ministry of Finance has accepted a request from the Resolution Committee of Glitnir, on behalf of its creditors, for an extension until October 15th to arrive at a final decicion whether to acquire control of Islandsbanki.

Under the agreement between the Government and the Resolution Committee, signed on September 13th 2009, the Resolution Committee had until 30 September 2009 to decide whether to acquire control of 95% of shares in Islandsbanki or to accept compensation in the form of bond instruments to be issued by Islandsbanki.

Islandsbanki has now submitted necessary recent financal information of the bank. The Resolution Committee wishes to have more time to evaluate the information and to consult with creditors before arriving at a final decicion.

The Ministry of Finance has also decided that further extensions will not be granted.