The bankruptcy administrator is aware of the new law on set off which came into force on 1 January 2011 and is working with his team to establish how it impacts on the Snoras bankruptcy. The law will be relevant to depositors eligible for deposit insurance compensation and who are also borrowers from the bank - our analysis suggests that this may be as many as 11 per cent (approx. 50 000 clients) of all customers.

As this is a brand new law being applied for the first time in the Snoras case the Bankruptcy administrator's team is working extremely closely with the Ministry of Finance and other institutions to ensure the precise application of the law. All concerned parties would like to express their thanks to customers for their patience as we address this particular challenge.

If customers wish to make an election regarding set off ahead of Snoras' announcement on official procedure, any such election should be delivered to their local Snoras branch and addressed to "Head of LMAD - Set Off Election". Customers should provide their name, contact details and account numbers as part of their request.

A further announcement is expected shortly to clarify the position and will be posted via .

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