- Byr negotiates with foreign creditors

Byr Savings Bank has successfully negotiated with its foreign creditors
regarding loan contracts which require a minimum equity ratio exceeding that
which is required by laws governing financial companies. The agreement involves
a temporary dispensation with the capital requirement exceeding the legal
minimum. All of Byr's foreign creditors unanimously agreed to the contract. 

Ragnar Z. Guðjónsson, CEO of Byr Savings Bank, says that the contract is vital
to the bank since it ensures that foreign creditors give it enough space to
work its way out of the financial crunch. Ragnar says that in light of the
difficult situation in international financial markets, the agreement between
Byr and its foreign creditors is a great coup for the Savings Bank. 

Further information
Ragnar Z. Guðjónsson, CEO of Byr Savings Bank, tel. (+354) 575-4000.