The Bank has received the preliminary findings from the Financial Supervisory Authority of the Central Bank of Iceland (FSA)’s inspection into the execution of the offering by the Icelandic State of a 22.5% stake in the share capital of Íslandsbanki (the “Bank”) that took place in March 2022 (the Offer). The findings indicate the FSA’s view that the Bank may have violated certain laws and regulations applicable to the Bank’s operations.
The FSA findings refer to the FSA‘s powers to impose administrative fines and to conclude cases with a settlement. The FSA has agreed, at the Bank’s request, to enter into settlement proceedings.
The management of the Bank takes the FSA findings seriously. The Bank expects to submit a response to the FSA‘s findings in the coming weeks. The Bank has already made changes to its rules and procedures following the Offer and will, subject to the outcome of its internal review and discussions with the FSA, continue to implement appropriate measures.
For the purposes of Market Abuse Regulation (EU) 596/2014 and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Jón Guðni Ómarsson, Chief Financial Officer at Íslandsbanki hf.
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