Interim Board


On 22 April 2010 the Financial Supervisory Authority (FME) appointed an Interim Board for Byr Savings Bank.


The appointment was based on Provision VI and Article 100a of Act no. 161/2002 on Financial Undertakings, as amended with Act no. 44/2009.  The Interim Board operates in accordance with the same Act and under the same Articles as the old board of directors and the meeting of guarantee capital holdingers.


Interim board members are:

 - Eva Bryndís Helgadóttir, Supreme Attorney, Chairman

 - Árni Ármann Árnason, Supreme Attorney

 - Ágúst Kristinsson, Certified Public Accountant


As long as the Interim Board is in control, the Bank is under the same legal enforcement limitations as if it were in a winding-up.  The Interim Board shall therefore only take actions for significant interests that require urgent actions.


The Interim Board's control over the Bank ends automatically three months after its appointment, unless exceptions in items 1 to 3 of paragraph 4 of Article 100a of Act no. 161/2002 on Financial Undertakings apply.  If control of the Interim Board ends automatically without the Bank being put into a winding-up process, its banking license will be withdrawn if a new board has not been appointed.



End of Interim Board


The role of the Interim Board came to an end on 2 July 2010 when the District Court of Reykjavik appointed a Winding-up Board for the Bank.