July 23, 2009 - Assignment

Nordic credits to Iceland

Loan agreements were signed on 1 July 2009 between Iceland and Denmark, Finland and Sweden respectively, and between Seðlabanki Íslands, guaranteed by Iceland and Norges Bank, guaranteed by Norway. Under the agreements the Nordic lenders have agreed to provide Iceland with total credits of ca. EUR 1.8 billion. The loans will be provided in relation to and as a support of Iceland’s economic stabilisation and reform programme with the International Monetary Fund (IMF). The loans are intended to strengthen Iceland’s foreign exchange reserves.

Mannheimer Swartling has assisted the Nordic lenders with the documentation for these credits. André Andersson was the responsible partner and was assisted by Veronica Stiller.