Resolution and Winding-Up Committees Earn Millions Skip to content

Resolution and Winding-Up Committees Earn Millions

The employees of the resolution and winding-up committees of the defunct Icelandic bank Glitnir earned ISK 6 million (USD 52,000, EUR 37,000) per month on average in 2010, according to Glitnir’s annual accounts. For comparison, Iceland’s prime minister has a monthly salary of a little more than ISK 1 million.

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Copyright: Icelandic Photo Agency.

Minister of Economic Affairs Árni Páll Árnason told Fréttabladid that these figures are excessively high. It must be ensured that future resolution and winding-up committees are under some sort of supervision. A bill to that effect is underway.

Árnason added it is necessary to change the current work methods of these committees. The bill includes that their work be monitored by claimants and a definition of their work field and a provision enabling their dissolution be outlined.

According to Glitnir’s accounts for 2010, the annual pay of the two committees was ISK 348 million (USD 3.0 million, EUR 2.2 million). The amount is divided between five employees, three of whom work on the resolution committee and two on the winding-up committee.

Click here to read more about recent discussion of salaries.

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