Árni Tómasson resigns from Glitnir's Resolution Committee

Árni Tómasson, Chairman of Glitnir's Resolution Committee has decided to resign from the Committee, effective 1 October 2011. To ensure as smooth a transition as possible, he has agreed to the Winding-up Board's request to remain on the Board of Directors of Íslandsbanki, to assist in the sales process of Glitnir's holding in Íslandsbanki, and to undertake various assignments at the Winding-up Board's request based on his previous work for Glitnir. In a message sent by Árni Tómasson today to his colleagues at Glitnir, he stated, for instance:

"In June of this year, the Icelandic parliament Althingi adopted amendments to the Act on Financial Undertakings which transfer the tasks of the bank's Resolution Committee to its Winding-up Board by 1 January 2012 at the latest, thereby bringing the work of the Resolution Committee to an end. Since this was decided, work has been underway to transfer the Resolution Committee's duties to the Winding-up Board, in such a manner as will cause the least disruption in Glitnir's activities. Since the transfer of tasks to the Winding-up Board is proceeding successfully, I consider there to be scope to reduce the number of members of Glitnir's Resolution Committee and therefore expedite the process decided upon by the Althingi with the above-mentioned amendments to the Act on Financial Undertakings, No. 161/2002. I have therefore decided to resign from Glitnir's Resolution Committee, effective 1 October this year."

As he steps down, Glitnir's Winding-up Board would like to take this occasion to thank Árni Tómasson for his fine work on Glitnir's behalf during the turbulent times of the past three years.

Steinunn Guðbjartsdóttir,
Chairman of Glitnir's Winding-up Board