Eik Banki P/F - Decisions of extraordinary general meeting

Minutes from Extraordinary General Meeting

Extraordinary General Meeting was held on Thursday 7 October 2010 at 6.00 p.m.
Faroese time, at Hotel Føroyar, Oyggjarvegur, Tórshavn, Faroe Islands. The
Extraordinary General Meeting was held as Eik Banki P/F has entered into a
conditional agreement with the Danish Financial Stability company. The notice
to convene the Extraordinary General Meeting was in accordance with Section
246(1) in the Financial Business Act. 

The Board of Directors informed the Extraordinary General Meeting of the Bank's
situation, particularly the Bank's failing to fulfil the solvency requirements
of the Danish Financial Service Authority, and furthermore, of the conditional
agreement between the Bank and the Danish Financial Stability Company, i.e.
Finansiel Stabilitet A/S regarding the transfer of the Bank's activities
(except the share capital and subordinate capital, see Sections 132 and 136 in
the Financial Business Act) to a subsidiary of Finansiel Stabilitet A/S. 

There were no motions from the Bank's shareholders or Board of Representatives. 

Therefore, Eik Banki is still bound to the agreement with the Financial
Stability Company and will proceed with the work to fulfil the conditions in
the agreement with the Financial Stability Company. 

Eik Banki has applied for an extension of the deadline to fulfil the solvency
requirements, in order for the agreement with the Financial Stability Company
to be completed before deadline. 

As of yet, an extension of the deadline has not been granted by the Financial
Services Authority. 



On behalf of the Board of Directors

Yours sincerely



Odd Bjellvåg, Chairman

Attachments:

stock exchange announcement26_2010.pdf