Landsbanki
Luxembourg Update

As most of our clients will be aware of the news surrounding Landsbanki, we want to let you know the current position as far as we possibly can. 

Any equity release arrangements through OMM and Landsbanki have been issued by Landsbanki Luxembourg S.A which, although part of the Landsbanki H.F parent company in Iceland, operates as a separate entity regulated by the Luxembourg authorities.

However, as a result of the difficulties with the parent group, Landsbanki Luxembourg have applied to the Luxembourg authorities for a "suspension of payments" which has been granted and an administrator has been put in place to control the management of the banks assets according to Luxembourg Law.  All transactions have therefore been frozen.

It is our belief that this is a positive step taken by Landsbanki Luxembourg and the Luxembourg authorities to ensure that assets which are part of the Luxembourg operation are protected from the overall problems of the parent company. 

We currently do not have any further information than this but will endeavour to keep our clients as informed as best we can when we receive further information.

An official press release from the Luxembourg regulatory authority can be found on website www.cssf.lu or at www.landsbanki.lu.

Up to date information (as at 21.11.2008) on the Frequently Asked Questions can be viewed at http://landsbanki.lu/index.aspx?groupid=96.