In continuance of this has William Fall, president of Straumur decided to resign as the president of Straumur, taking effect immediately.

It is clear that all trades with the shares of Straumur are closed today in Iceland stock exchange today.

The central bank informed about the tight liquid fund position of Straumur
In a letter the FSA sent Straumur-Burdardaras on March 8th was a request for information about the liquid fund position of the bank with consideration of the commitments the bank has to stand up to in the next days. The central bank of Iceland had informed the FSA about the tight position of Straumur and the letter was sent because of this.

Were supposed to pay 33 million euro but had only 15,3 million euro
In the answering letter of Straumur was written that the bank was to pay 33 million euro today, worth roughly 4,7 billion krona, but only had in their possession 15,3 million euro, equal to 2,2 billion krona. Also it says in the letter that it is the evaluation of Straumur that it is not realistic to try to attain the funds that is essential in insure the ongoing operations and has decided to request for a moratorium this very morning.

“Despite the strong own capital funds and the fact that the bank has been successful in negotiation with it´s lenders of prolonging loans, it is foreseen because of the weak liquid fund position of the bank, will Straumur-Burdaras investment bank (Straumur) not be able to continue it´s regular operations.

The Financial Supervisory Administration has sto taken the decision of taking over the power of the shareholders meeting of Straumur and dismissed the company board in total from it´s operations, as well as setting a liquidating committee over the bank which will take over all authorizations of the board of the company, effective today.
The liquidating committee will handle all of the matters of Straumur, manage all of the process of the assets of the bank and take over the complete operations of the bank.

This is the reason for that the bank is closed.

According to the statement of the government of Iceland on October 6th 2009, are all balances in the Icelandic banks insured in full. Straumur has a valid license as a bank and is a member of the insurance fund of balance owners and investors,” says in the announcement.

The loss of Straumur last year was 699,3 million euro but according to the shareholder list from March 1st this year is Samson Global Holding the largest shareholder with 34,31% share. The main owners of Samson Global Holding are Bjorgolfur Gudmundsson and his son Bjorgolfur Thor Bjorgolfsson, but according to the sources of mbl is the company mostly owned by Bjorgolfur Thor.

The FSA has set a liquidating committee over Straumur and leading that is Reynir Vignir, certified accountant, as the chairman of the committee. With Reynir are Kristinn Freyr Kristinsson, certified accountant, Arna Gudrun Tryggvadottir, certified accountant, Elin Arnadottir, lawyer and Ragnar Thordur Jonasson lawyer in the liquidating committee.

The decision of FSA because of Straumur in whole

The shareholders list of Straumur from March 1st 2009

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