13 FEBRUARY 2009

This update follows my attendance at the Kaupthing hf creditors' meeting.

Kaupthing hf

I attended the creditors meeting in Iceland on 5 February 2009 I attach a copy of the report which was prepared for that meeting. The Resolution Committee were unable to give any indication of how much would be distributed to creditors or when. Whilst I will continue to pursue the balance owed by Kaupthing hf and will make a claim under the parental guarantee at the appropriate time, I do not expect a significant recovery. Further creditor information is available on the website www.kaupthing.com.

PDF Kaupthing hf Creditors' Report 5 Feb 09

Court hearing on 19 February 2009

I continue my discussions with the Treasury regarding the proposed Scheme of Arrangement ahead of the Court hearing on 19 February. If there is a requirement for me to submit an affidavit into Court prior to 19 February, it will be made available on the website.

Telephone conference dial in details

Following discussions with the Depositors Action Group I have set up a fifth conference call which will take place on Monday 23 February 2009 4:00 pm GMT.

I am making the access details generally available to depositors. If you wish to listen to the call, you will need to register in advance. Please click the link to register.


Participation will be on a listen only basis. The facility is provided by a third party and accordingly there is a cost per head for usage. Should any party register and then not attend the liquidation will be charged.

The number of lines is limited and I would request that only those depositors who are able to make the call register as we will make the audio recording of the call available on the website for those of you who are unable to attend. Should depositors choose this route to listen, it will significantly reduce the costs. The audio recording from the previous call on 9 February 2009 has now been made available on the KSFIOM website.

International post

In order to mitigate the risk of fraud, depositor updates will not be sent by post to Botswana, Kenya, South Africa or Zimbabwe. I will seek to distribute updates to depositors in these countries by email or fax. However where depositors do not have access to email or fax these documents will be sent by post upon their request.


As previously, the best way to make contact is to write to the bank or to email branch@singers.co.im. If you need to telephone the bank, please use the main switchboard number +44 1624 699222.


Mike Simpson

Joint Liquidator Provisionally