Straumur Burdaras Investment Bank hf at a glance
End April 2009 Finansiel Stabilitet signed an agreement with Straumur Burdaras Investment Bank hf concerning depositors in the bank’s Danish branch and their outstanding claims.
On 9 March 2009 Finansiel Stabilitet was informed that the Icelandic Financial Supervisory Authority had claimed control over Straumur.
As the bank’s branch in Denmark is a member of the Private Contingency Association and the individual government guarantee, which is administered by Finansiel Stabilitet, deposits in the branch are covered in accordance with section 1(1), section 2(3) and section 4(2) of the Danish the Act on Financial Stability.
Coverage solely applies to depositors in the branch.
Since 9 March 2009 Finansiel Stabilitet has paid depositors in the Danish branch when their claims have fallen due, but subtracted DKK 300,000 per depositor, which is the amount covered by the ordinary Danish statutory depositor guarantee.
Finansiel Stabilitet has signed an agreement with Straumur, which among other things implies the following:
• After entering the agreement Finansiel Stabilitet pays depositors in the Danish branch their full deposits on the due date – incl. the DKK 300,000, which are covered by the ordinary Danish statutory depositor guarantee.
• The depositors’ agreement with Straumur Burdaras Investment Bank hf remains unchanged.
• Customers, who have received payments from Finansiel Stabilitet in the period 9 March 2009 to 24 April 2009 and have received deductions for amounts that are covered by the ordinary statutory depositor guarantee in Denmark or Iceland, maximum DKK 300,000, will be paid this amount directly from Straumur Burdaras Investment Bank hf.
• Straumur will cover all due claims from customers in the Danish branch, ensuring that neither Finansiel Stabilitet nor the ordinary Danish statutory depositor guarantee is burdened in relation to the Icelandic Financial Supervisory Authority’s claim of control with Straumur.
Enquiries related to the payments from Finansiel Stabilitet are to be directed to Finansiel Stabilitet.
Enquiries related to customer relations, including interest calculations, termination and maturity, are to be directed to Straumur Burdaras Investment Bank hf.