Amended Terms of Auction for the purchase of Icelandic krónur by the Central Bank of Iceland in exchange for foreign currency.
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.
Terms of Auction for the purchase of Icelandic krónur by the Central Bank of Iceland in exchange for foreign currency. Transaction date: 10 February 2015
19 December 2014