In the wake of the global liquidity crisis in the beginning of October 2008, the three main commercial banks of Iceland, Glitnir, Landsbanki and Kaupthing, were not able to refinance themselves despite having considerable assets to match their debts and having operated in full compliance with European banking laws. Consequently, Glitnir, Landsbanki and Kaupthing were taken into administration by the government of Iceland.<\/p>\n
The new Landsbanki, Kaupthing and Islandsbanki (new Glitnir) maintain websites with answers to common questions.<\/p>\n
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Moving Towards Solving Differences on Deposit Guarantees<\/strong><\/p>\n Significant progress has been made towards solving the differences on the interpretation of legal obligations with respect to deposit guarantees in the European Economic Area. The issue stemmed from difficulties following the collapse of former privately-owned Icelandic banks. Talks between Iceland<\/a> and several EU member states, facilitated by the French EU Presidency, led to a common understanding that will form the basis for further negotiations.<\/p>\n Iceland has reached a common understanding with EU member states on resolving insolvency matters related to deposit holders in branches of Landsbanki in the UK and Netherlands (\u201cIcesave”) and Kaupthing Branch in Germany (“Edge”). Bilateral discussions are ongoing to resolve outstanding issues.<\/p>\n The Icelandic Financial Supervisory Authority appointed Resolution Committees following the decision to dismiss the Boards of the three banks. Resolution committees are now working in Glitnir, Landsbanki and Kaupthing.<\/p>\n The Resolution Committees undertake the affairs of the banks, including supervising, handling of all the banks’ assets, and conducting the banks’ business operations.<\/p>\n The Depositors\u2019 and Investors\u2019 Guarantee Fund (DIGF) is a non-profit organization that operates in accordance with the Act on Deposit Guarantees and an Investor Compensation Scheme. The role of the Fund is to provide a minimum level of protection for deposit owners and customers of financial institutions authorized by law to engage in securities trading.<\/p>\n Claim forms can be found on the\u00a0Depositors’ and Investors’ Guarantee Fund’s<\/a>\u00a0website (click the English flag on the right hand side, the form is on the middle of the page).<\/p>\n Completed claim forms shall be sent by traditional mail to the Fund’s address:\n
\nand their branches<\/a><\/li>\n<\/ul>\nResolution Committees of the collapsed banks<\/h2>\n
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Depositors’ and Investors’ Guarantee Fund<\/h2>\n
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\nabout the Fund’s guarantees.<\/a><\/li>\n<\/ul>\n
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\nAddress:<\/strong>
\nDepositors’ and Investors’ Guarantee Fund
\nBorgartun 26, 3. floor
\n105 Reykjavik<\/a>
\nIceland
\nPhone: +354 540 1200
\nOpen for queries via telephone: 09:00 – 16:00<\/strong>
\nE-mail:\u00a0tif@tif.is<\/a>\u00a0and\u00a0digf@tryggingarsjodur.is<\/a><\/p>\n