Icelandic Finance Ministry 8 June 15: Iceland in Continuing Consultations Regarding - Capital Control Liberalization (Kaupthing)

The Iceland Ministry of Finance today announced that it has continued its consultations with parties affected by the capital controls in Iceland about the proposals the Government is considering for the liberalization of those controls.

Members of the Iceland Task Force on the Liberalization of Capital Controls (established by the Ministry of Finance and the Central Bank of Iceland in 2014) (the “Task Force”) and their advisers (the “Iceland advisers”) have had a series of consultation meetings over the last two months with, among others, representatives of a small number of institutions holding significant claims on the estates of the three large Icelandic banks that failed in 2008, Kaupthing hf. (“Kaupthing”), Glitnir hf. (“Glitnir”) and LBI hf. (“LBI”).  ....

At these meetings with estate claimants, the Task Force discussed its preliminary recommendation to the Steering Committee for the manner in which the capital controls -- insofar as they affect the estates of the three large failed banks -- could be liberalized. ...

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Specifically with regard to Kaupthing, there were consultations between (i) a group of restricted holders of Kaupthing claims (the “Kaupthing Claimants) and their advisers and (ii) members of the Task Force and the Iceland advisers.

On 7 June 2015, in light of those consultations, a proposal was submitted to the Minister of Finance (in his capacity as chairman of the Steering Committee) on behalf of the Kaupthing Claimants based on their discussions with the Task Force and the Iceland advisers (the “Kaupthing Claimants' Proposal”) on the following terms:

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