Former Glitnir CEO Repays ISK 370 Million Skip to content

Former Glitnir CEO Repays ISK 370 Million

Bjarni Ármannsson, former CEO of Glitnir Bank (which has now been nationalized), said in an interview with national broadcaster RÚV yesterday that he had repaid ISK 370 million (USD 3.0 million, EUR 2.2 million) from his termination agreement to Glitnir’s resolution committee after the collapse of Iceland’s banking system.

Bjarni Ármannsson. Copyright: Icelandic Photo Agency.

“I believe it was the right thing to do, to be critical of myself, in light of the collapse of the Icelandic banking system,” Ármannsson told Fréttabladid. “Therefore I made this repayment.”

Ármannsson left his post as CEO of Glitnir in May 2007 after ten years at the bank and was replaced by Lárus Welding.

Click here to read more about Ármannsson admitting his mistakes.

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