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NEWSLETTER 17 Iceland Bank Failure Report

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NEWSLETTER 17 Iceland Bank Failure Report Inside this issue COI update.............................. 1 PARTIAL PROTECTED DEPOSITORS KAUPTHING Parental guarantee ................. 2 IOM DEPOSITORS ACTION GROUP EFTA....................................... 2 PPD Role ................................ 2 Press coverage ........................ 2 Submission to Tynwald............ 3 NEWSLETTER 17 Iceland bank failure report ..... 3 April 2010 PPD COMMITTEE COI UPDATE MEMBERS Gavin Brake (COI) by Gavin Brake and Peter Wakeham Alastair Lees Adrienne Liebenberg Meetings of the COI continue to take place on a regular basis with Gavin and Peter in attendance. The Nigel Smith committee maintains a very regular email and telephone dialogue amongst themselves and with the Stephen Thomas PWC team. The next meeting is expected to be face to face in IOM in early summer. Meetings Peter Wakeham (COI) generally include a detailed overview of asset realisations to date plus an update on the claims agreement process. Current key issues include the rejection of the in-flight Habana claim, KSFUK dividend, and the expiry of the Booker deal. In alphabetical order Please see the details of the minutes of the meetings which are published on the KSFIOM website. Mira is stepping You will also find a number of important documents on this website including a cash and loan book down from the PPD summary for KSFIOM updated to 31 March 2010. In addition there is a statement on the expenses Committee due to policy of the COI and the "Committee of Inspection Policy Statement". This document was written work by the COI itself in order to explain to creditors the role of the COI. commitment but hopes to rejoin later This website (http://www.kaupthingsingers.co.im) is the principal source of information on when commitments the KSFIOM liquidation permit Hilde Bartlett and The total payout to date is 40.0%, and we are hopeful although unable to commit, about a further Dipika has also payout in summer. As a reminder is important to realise that there are now only two significant remaining "parts" to KSFIOM - the loan book (which PWC are running down on behalf of creditors, stepped away from with COI oversight) and the claim against KSFUK (to which we are an unsecured creditor, and so committee have to wait in line with all other creditors for payouts to occur - there is little further action we can membership due to take here). The actions required on both these areas are well understood, and although they do take other commitments time, they are relatively straightforward. However in order to maximise our returns, it is important that we remain very focused on the investigative/legal work being undertaken by the law firm Reed Smith. (including the parent guarantee). This is a very complicated situation, but one which is under close scrutiny by the COI. If we can bring legal action and improve our overall returns, then we will certainly follow this course of action. KSFIOM PPD – DAG Queries / Contact [email protected] Website: http://chat.ksfiomdepositor.org Kaupthing Partially Protected Depositors Group PARENTAL GUARANTEE EFTA by Gavin Brake and Peter Wakeham by Adrienne Liebenberg The EFTA Surveillance Unit is responsible for ensuring that A meeting of the Committee of Inspection was held on EFTA members, including Iceland, comply with EEA 04.02.2010 to continue discussions regarding the rejection law obligations. In support of a campaign to ensure that an of our claim under the parental guarantee. The Liquidators Icelandic application to the EU is conditional on Iceland treating confirmed that the objection to the rejection of the ourselves and other customers around Europe equally with their company's claim against Kaupthing hf had been lodged domestic customers, we have prepared a formal complaint. We with the Winding Up Committee in advance of the are working with the Landsbanki DAG on this issue. Creditors' Meeting as required and updated the Committee on discussions with the Winding Up Committee on the PPDG was the primary initiator of the initiative to contact EFTA matter. The Liquidators' Icelandic lawyers explained the and that we chose to get CoI agreement to be signatory to gain objection process and the legal issues which need to be greater credibility with EFTA addressed. The primary focus is now on gathering all available documentary evidence to support our assertion To this end, the Committee have written a letter of complaint to that the parental guarantee was properly authorised by the EFTA Surveillance Authority, a copy of which can be found Kaupthing hf. This assertion will be pursued vigorously. on the link below. Alternative strategies to maximise the return for creditors http://www.kaupthingsingers.co.im/Pages/2010/April/01April2010 were also discussed for pursuit in the event that our .asp objection fails. If the matter cannot be agreed with the Winding Up Committee, it will go to Court in Reykjavik Our complaint concentrates on the discriminatory behaviour of the for a decision. Preliminary indications are that the Court Icelandic Government in respect of : process would take several months and it is possible that a 1. the use of KFH funds to guarantee the deposits of all decision would not be reached until 2011. domestic Icelandic savers but not their non-Icelandic savers Further updates will be released on this matter as 2. failure to accept responsibility fro the Parent Bank information becomes available, however, it is likely to be Guarantee, provided by KFH, to its subsidiary, KSFIOM. some months before it is resolved. This PCG guaranteed to depositors the KFH would discharge the liabilities of KSFIOM if KSFIOM was unable to do so from its own assets. We believe that the Icelandic authorities acted in a manner ROLE OF PPD contrary to the applicable laws of the EU when it implemented its emergency legislation which has resulted in discriminatory by Alastair Lees treatment in favour of domestic savers in KFH vs those international savers who placed deposits in KFH subsibiaries. In order to clarify what the PPD sees as its role we have Icelandic domestic savers have been allowed free access to and summarised it as follows: We will give support to the COI in 100% recovery of their savings whilst the creditors of KSFIOM ensuring the liquidation proceeds smoothly while have not been repaid in any form by kaupthing hf. We request that concentrating our efforts on actions to bridge the gap the EFTA Surveillance Authority review the legality of the between the returns of liquidation and 100% (EFTA/IMF, Icelandic Governments actions in relation to its failed banks. PCG, UK Conservatives Gov't etc.). We will attempt to ensure effective communications with the liquidator and provide a constructive leadership role for creditors. We are PRESS COVERAGE happy to work with all creditors and indeed all parties with the sole aim of 100% return of our money. In addition, the by Stephen Thomas PPDG have implemented a system whereby members will have the opportunity to have their questions passed to the We continue to work on maintaining media interest in our Joint Liquidators for response. We are also currently playing story. Recently Steven Thomas has interviewed for a a liasing role with Landsbanki DAG. We will aim to send out John Towler documentary on political and economic a quarterly update or more regularly if events dictate. background to the collapse of Icelandic Banks Kaupthing Partially Protected Depositors Group TYNWALD SELECT COMMITTEE ICELANDIC BANK FAILURE by Stephen Thomas REPORT : Report of the Special Investigation Commission (SIC) Select Committee of Tynwald on Kaupthing Consisting of independent experts A Special Investigation Singer and Friedlander and the Depositors’ Commission (SIC) Commission was established by the Compensation Scheme Icelandic parliament in December 2008 to investigate and analyse the processes leading to the collapse of the three main The Tynwald Select Committee is concentrating on the first part banks in Iceland. The report is the first comprehensive analysis of its remit : the cause of the collapse and the role of the FSC in of the causes of the bank meltdown in the midst of the global ensuring proper management of the bank to protect depositors` financial crisis in 2008. funds. It delivered its report on the bank meltdown to the Icelandic parliament on April 12 2010, which can be read at : The PPD Group made written submission to the Tynwald Special http://sic.althingi.is/, and summarised below Committee (available on the KSFIOM Forum), and were invited to give oral evidence. Steve Thomas appeared on behalf of The report said the former Icelandic government was negligent PPDDAG KSFIOM depositors at the Tynwald Select Committee in the lead-up to the collapse of the Nordic nation's three main hearing 24 Feb 2010 in IOM, and The hansard transcripts of this banks, asserting that former government officials had ignored Select Committee hearing are available on the forum. warning signals and failed to take necessary actions to fight the upcoming economic disaster, local newspaper Iceland Review Depositors are likely to be invited to give further evidence at a said. later date concerning the credibility of the DCS and other The SIC also concluded that the former government's actions in relevant matters. banking affairs at the beginning of 2008 were "unsystematic" We will continue to support the Select Committee enquiry and and that ministers had focused too intently on the image monitor closely the evidence. We believe that they are asking the problems of financial companies instead of the obvious correct questions problem that the Icelandic banking system was far too large compared with the size of the economy, the report said. The chairman confirmed that both the Directors and the FSC "Actions should have been taken no later than 2006 for there to would shortly be recalled for a further evidence session and have been a possibility of preventing the collapse of the banks requested that we send him any further questions (which are without compromising the value of their assets," the report appendixed below (1)).
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