The Icelandic government, the resolution committee of Landsbanki and New Landsbanki (NBI) signed an agreement yesterday, which guarantees that almost 90 percent of the bank’s assets are retrievable for priority claims [our emphasis] in the bank, primarily Icesave claims. . .

Shares in the old banks will be issued for ISK 28 billion (USD 220 million, EUR 140 million)—approximately 20 percent of shares in NBI. That way, claimants in the old bank will acquire shares in the new one.

Lárentsínus Kristjánsson, chairman of Landsbanki’s resolution committee, said the agreement is acceptable for the committee and a step forward.  13-Oct-09.

http://www.icelandreview.com/icelandreview/daily_news/?cat_id=16539&ew_0_a_id=349625