Ársskýrsla Landsbankans - Landsbankinn

Notes to the Consolidated Financial Statements
40. Related party transactions (continued)
(c) Compensation to directors, CEOs and managing directors (continued)
Salary and Termination
Salary and benefits for the year 2009
benefits benefits Total
Haukur Halldórsson, Chairman of the Board of the Bank 3.2 - 3.2
Erlendur Magnússon, Vice-chairman of the Board of the Bank 2.3 - 2.3
Stefanía K. Karlsdóttir, member of the Board of the Bank 1.6 - 1.6
Salvör Jónsdóttir, member of the Board of the Bank 1.6 - 1.6
Ása Richardsdóttir, alternate Director of the Board of the Bank 1.5 - 1.5
Alternate directors of the Board of Directors of the Bank 0.2 - 0.2
Ásmundur Stefánsson, CEO of the Bank 17.5 - 17.5
Elín Sigfúsdóttir, former CEO of the Bank 19.3 24.9 44.2
7 Managing Directors of the Bank's divisions 102.1 - 102.1
6 Managing Directors of subsidiaries 46.6 15.9 62.6
Total 196.0 40.8 236.8
(d) Transactions with the Minister of Finance and members of the Board of Directors of the ISFI
The Minister of Finance and the members of the Board of Directors of the ISFI did not receive any salaries or similar payments from the Group during
the year 2010. The Group did not enter into any transactions with these persons or close members of their families, other than lending and deposit
taking during the normal course of commercial banking operations, with the exception of the following transaction with Sigurður B. Stefánsson, a
member of the Board of Directors of the ISFI.
On 9 March 2011 Eignarhaldsfélag NBI ehf., a subsidiary of the Bank, completed the acquisition of all shares in the company Rose Invest hf., half of
which were owned by Sigurður B. Stefánsson, a member of the Board of the ISFI. Rose Invest hf. is licensed by the Icelandic Financial Supervisory
Authority to operate UCITS and other funds for collective investment and investment advice. The acquisition will reinforce the Bank´s position further
in the area of asset and fund management as the founders of Rose Invest hf., including Sigurður B. Stefánsson, have joined the Bank´s Asset
Management Division. The acquisition price for the shares paid by Eignarhaldsfélag NBI ehf. to Sigurður B. Stefánsson amounted to ISK 23.7 million.
41. Events after the reporting period
The main events after the reporting period are as follow:
On 14 January 2011 the Icelandic Competition Authority approved the sale of controlling interests in the subsiaries Eignarhaldsfélagið Vestia ehf. and
Icelandic Group hf. Further information about the transaction and an estimate of its financial effect is disclosed in Note 16.
As part of the composition of the leasing company Avant hf. the Bank aquired the company. This transaction has no effects on the consolidated
financial position of the Group as the Bank was the only creditor of Avant hf.
On 7 March 2011, the Bank took over all assets, liabilities and operations of SpKef Savings Bank in accordance with the decision of the Financial
Supervisory Authority in Iceland (FME). SpKef Savings Bank was owned entirely and directly by the Icelandic State Treasury previous to the transfer.
The Icelandic State Treasury has committed to make a capital contribution to the Bank in order to compensate for the negative difference between
the value of assets and liabilities taken over by the Bank. This takeover is done on an arm´s length basis under generally accepted commercial terms.
The value of financial assets of SpKef is uncertain as due diligence is currently under progress where initial assumptions of fair value of assets and
assumed liabilities taken over are being verified. Total liabilities of SpKef at 31 December 2010 where approximately ISK 60 billion.
NBI hf. Consolidated Financial Statements 2010 49
All amounts are in ISK million
Allar upphæðir eru í milljónum króna Ársreikningur 2010 149