The Company

This is the official site of Byr Savings Bank during its winding up.
Byr Savings Bank was Iceland's fourth largest bank.  It went into a winding up proceedings on 22 April 2010, with a decision of the Financial Supervisory Authority.  The process concluded with a composition on 9 December 2015.  All assets have been liquidated.  Outstanding are two disputed claims, which have to be solved before payments can be made to creditors, as the claims exceed the total assets of the Company.
Byr Savings Bank
Bergþórugata 55
101 Reykjavík
General inquiries:

Important dates

The last general meeting was the Annual General Meeting held on 28 March 2017.  The AGM decided to have an Extraordinary General Meeting within eight weeks to discuss a new directors compensation scheme.  A date for the EGM has not been set.

Name and legal form pre winding up

Byr Savings Bank was a Bank with the legal form of a not-for-profit organization and complied with Act no 161/2002 on Financial Institutions.  The Company was owned by its 1.547 guarantee capital holders.

Name and legal form post composition

The name has been changed from Byr Savings Bank to Old Byr ses.  The tax number is the same.  The legal form is also the same, a not-for-profit organization, but as it is no longer a Bank it complies now with Act no 2/1995 on Limited Liability Companies.  The Company is owned by Old Byr Holding ehf.
Creditors of Byr Savings Bank are now shareholders in Old Byr Holding ehf.  In addition to the shares, they also received EUR non-interest bearing debt instrument issued by Old Byr ses.  Distributions to creditors will be by repayment of the debt instrument and, if assets exceed the debt instrument, by dividends.  Distributions, both timing and amount, are dependend on the outcome of the two outstanding disputes (with Íslandsbanki hf. and Héðinsreitur ehf.).

The Company


Transfer of claims

For information and forms on transfer of shares and debt instruments, please see this link.