The Central Bank of Iceland has amended the Terms of Auction for the Bank’s purchase of Icelandic krónur in exchange for foreign currency. The auction that was announced on 9 December 2014 will be held on 10 February 2015.
The amendment authorises commercial banks to collect offers based on non-residents’ ISK assets deriving from domestic bankruptcy estates’ payments on claims recognised according to Articles 109-112 of the Act on Bankruptcy, etc., no. 21/1991. No other substantive amendments have been made to the Terms of Auction.
The objective of the amendment is to enable foreign creditors to participate in the auction using funds deriving from a bankruptcy estate’s payments on recognised priority claims.
Further information can be obtained from Már Guðmundsson, Governor of the Central Bank of Iceland, at tel: +354 569-9600.
Attachments:
No. 46/2014
19 December 2014