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Executive Committee on Privatisation - Announcement   12.8.2005 13:00:13
Flokkur: Skuldabréfafréttir   Ýmsar fréttir      Íslenska  English
Pre-selection for the tendering process involving the sale of the assets and overtaking of the liabilities of the Agricultural Loan Fund

 

Pre-selection for the tendering process involving the sale of the assets and overtaking of the liabilities of the Agricultural Loan Fund

 

Five parties announced their participation in the pre-selection process for tenders for the acquisition of the loan portfolio and taking over of the liabilities of the Agricultural Loan Fund prior to the expiry of the deadline on last 5 August. The conditions for participation were as follows:

 

1.       The tenderer will take over the liabilities of the Loan Fund, which in the majority of cases are guaranteed by the State.

 

2.       The tenderer must have a solid financial position and an international credit rating.

 

3.       The tenderer must be a financial undertaking in the meaning of Sub-sections 1-3 of Article 4 of Act No. 161/2002.

 

4.       The tenderer must accept the condition of honouring loan commitments already undertaken by the Board of Directors of the Fund subject to fulfilment of conditions.

 

5.       The tenderer must declare, by the submission of an offer to purchase the bonds in question, that the interest on the bonds will not be raised, nor their terms altered to the disadvantage of debtors, beyond the scope agreed by the Board of Directors of the Agricultural Loan Fund on taking over the loans.

 

6.       The tenderer must warrant that the provisions of the bonds concerning the debtor’s option to prepay will be maintained.

 

7.       The tenderer must declare his intention to endeavour to provide financial services to the agricultural sector on a commercial basis.

 

8.       The tenderer must declare his intention to endeavour to ensure that the employees of the Loan Fund retain their jobs or receive comparable jobs with the tenderer.

 

 

Three requests, from Kaupthing Bank hf., Landsbanki Íslands hf. and Íslandsbanki hf., met all the above conditions, and these banks have been invited to continue their participation in the tendering process. The Icelandic Savings Banks Association, acting for the savings banks in Iceland, and Icebank and MP Investment Bank did not meet all conditions and have been denied further participation.

 

Reykjavík, 12 August 2005

Executive Committee on Privatisation

 

 

 


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