| Liquidating committee for the savings banks |
| Monday, 30 March 2009 05:30 |
 The FSA decided on Thursday to suspend the company management of the Sparisjodsbanki Islands hf in whole from their work and set a liquidating committee in stead which will take over all authorizations of the former board according to the law nr. 125/2008 about special sircumstances on the financial market. On March 21st decided the Financial Supervisory Administration about arranging the assets and debts of the savings bank to the New Kaupthing bank hf and the Central Bank of Iceland because of the imminent and serious liquids shortage of the bank and the current own capital problems. In the decision of the FSA was not set a liquidating committee over the savings bank as it was expected that the transfer of the balances would take only a short period of time as it is simple to set. Because of technical problems was the transfer delayed and so the FSA decided to set a liquidating committee.
News Article by Halldor Armand Asgeirsson Translated by Anya Original Article in Icelandic
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