S must enter into agreement with the Danish Financial Stability Company

Eik Banki P/F 

30.09.2010 18:51

Dissemination of a Adhoc News, transmitted by DGAP - a company of
EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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*	Eik Banki P/F and Eik Bank Danmark A/S get short extended deadlines for
fulfillment of solvency requirements and must enter into an agreement with the
Financial Stability Company no later than 30 September 2010 at 11 pm CET 
*	Extension of Danish government guarantee scheme




1.	Extension of Deadline for Fulfillment of Solvency Requirements
Today, the Danish Financial Services Authority (FSA) has denied Eik Banki P/F
an extended deadline for Eik Banki P/F's fulfillment of the solvency
requirements determined by the FSA, and instead Eik Banki P/F now has 30
September 2010 at 11 pm as deadline for fulfillment of solvency requirements. 

With the short extension of the deadline, Eik Banki P/F will not be able to
continue its plan for injection of capital from investors that otherwise could
have ensured the Bank a sufficient capital structure. 

Furthermore, Eik Bank Danmark A/S has presented a claim towards Eik Banki P/F
for the capitalization of Eik Bank Danmark A/S based on the letter of support,
issued by Eik Banki P/F to the Financial Stability Company as a condition for
the utilization of the agreement on issue of individual state guarantees with
the Financial Stability Company of 26 May 2010. 

Eik Banki P/F has not been able to satisfy the claim for injection of capital,
and the Financial Stability Company will expectedly undertake towards Eik Bank
Danmark A/S to redeem the claim as the claim for injection of share capital in
Eik Bank Danmark A/S is an ordinary claim against Eik Banki P/F, which as a
member of the Private Contingency Association is comprised by the Act on
Financial Stability. 

Eik Banki P/F and Eik Bank Danmark A/S are obliged to enter into a conditional
agreement regarding the transfer of all the activities of the two banks
respectively to a purchaser directed by the Financial Stability Company before
the expiration of the deadline. 


2.	Danish Government Guarantee Scheme 
Depositors and ordinary creditors will continue to be covered by the general
government guarantee scheme as further described in the Bank's company
announcement no. 19/2010. This entails that all depositors and ordinary
creditors continue to be fully covered and that the functionality of payment
cards, payment services etc. continues. 



Sincerely


Odd Bjellvåg	Finn Danberg
Chairman		Director, CFO

News Source: NASDAQ OMX



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Language:     English
Company:      Eik Banki P/F
              
               
              Faeroe Islands
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         FO0005702340
WKN:          
 
End of Announcement                             DGAP News-Service
 
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