New Kaupthing Bank capitalized

New Kaupthing Bank has secured capital from the Icelandic government, thus consolidating its operations and strengthening its liquidity and capital ratios.

A shareholders' meeting of New Kaupthing Bank has today approved an increase in the company's share capital and the Icelandic treasury has subscribed for the new shares. The bank now has share capital of ISK 72 billion and a CAD ratio of 12%.

The funding is in accordance with an agreement between the government and Kaupthing's resolution committee which was announced on 20 July.

Finnur Sveinbjörnsson, CEO of New Kaupthing Bank:
"The refinancing of the bank heralds a new beginning. We can now focus on continuing to help homes and companies through the process of rebuilding ahead."