Glitnir debt settled at 3% and 0.125%

Glitnir was the first of the three main Icelandic banks to fall into government hands - the Icelandic government took a 75% stake for €600 million on September 29, a move that constituted a credit event under the International Swaps and Derivatives Association's guidelines.

Domestic rivals Landsbanki and Kaupthing were respectively taken over by the government on October 7 and October 9.

Today's auction set recovery rates for cash settlement of credit default swaps on the bank's senior and

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