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2009-03-03 18:25:55 CET 2009-03-03 18:27:25 CET REGULATED INFORMATION Straumur-Burðarás Fjárfestingabanki hf. - Company AnnouncementLandsbanki Islands hf. and Straumur-Burdaras Investment Bank hf. settlement agreement3 March 2009 Landsbanki Islands hf ("Landsbanki") and Straumur-Burdaras Investment Bank hf ("Straumur") have today reached a settlement agreement on their claims against each other, including money market lines, loans, derivative positions, bonds and guarantees. After netting off the respective claims, the net exposure of Landsbanki to Straumur has been settled with a transfer of assets from Straumur to Landsbanki. This agreement has no material impact on Straumur's income statement and no effect on its cash position. However, the agreement reduces Straumur's gross assets by approximately EUR 200 million and improves its CAD ratio by nearly 2%. This agreement is consistent with Straumur's medium-term strategy for reducing its balance sheet and overall risk levels. For further information, contact Georg Andersen Senior Vice President, Head of Corporate Communications Tel: +354 585 6707 georg@straumur.com |
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