Iceland’s Financial Supervisory Authority (FME) took the decision on Thursday to remove the board of Sparisjodabanki (formerly IceBank), which was put under Central Bank control by the FME nearly two weeks ago.
The Board will be replaced by a resolution committee similar to those currently in charge of Islandsbanki, Kaupthing and Landsbanki.
The FME’s original decision involved transferring Sparisjodabanki’s funds to New Kaupthing and the Central Bank of Iceland. The board was supposed to stay in charge until that process was completed.
However, delays and difficulties in the process have prompted the FME to set up a resolution committee to run the bank, mbl.is reports.
Sparisjodabanki said in a press statement:
“On the 27th of March the Icelandic Financial Supervisory authority (FME) published its decision on appointing a Resolution Committee, which will take over all authority of the Board of Directors in accordance with the articles of Company Law – Act No. 2/1995 Respecting Public Limited Companies, in accordance with Article 100 a of the Act on Financial Undertakings.
“The members of the committee are:
Þorvarður Gunnarsson, chairman, State Authorized Public Accountant at Deloitte
Erling Tómasson, State Authorized Public Accountant at Deloitte
Hjördís Edda Harðardóttir, Attorney for the Supreme Court of Iceland
Jón Ármann Guðjónsson, Attorney at law
Áslaug Björgvinsdóttir, Associate professor at Reykjavik University
“The decision of the FME has not yet been translated into English, but the Icelandic version can be accessed here: