News

Icesave Issue Resolved - 12/31/09

Press release No. 84/2009

Yesterday evening the Icelandic parliament Althingi approved a legislation authorising a state guarantee for loans by the UK and the Netherlands to the Depositors’ and Investors’ Guarantee Fund to cover payment of mandatory minimum deposit guarantees to holders of savings accounts in branches of Landsbanki Íslands hf. in those countries.

Further reading

Bank Reconstruction Concluded - 12/18/09

The restructuring of Iceland’s three commercial banks is now concluded. Further reading

New exchange agreements signed - 12/16/09

The Nordic countries (Denmark, the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden) have today concluded the signing of several new information exchange agreements with states whose international financial services industry focuses on attracting foreign investors. Further reading

Agreement between the Icelandic government and Landsbanki's Resolution Committee on settlement - 12/16/09

The Icelandic government, the Resolution Committee of Landsbanki Íslands (“the old bank”) and new Landsbankinn (NBI) have signed a final agreement on the settlement of assets and liabilities following the division of Landsbanki Íslands into old and new banks, following its collapse int October 2009. Representatives of leading creditors have participated in the negotiations.

Further reading

Important step in the financial restructuring of BYR - 12/14/09

The Ministry of Finance held meetings yesterday with the management of BYR Savings Bank, together with its advisors, and a number of creditor representatives. Further reading

Agreement on ownership of Arion Bank - 12/1/09

The Resolution Committee of Kaupthing Bank has, in consultation with the creditors and being supported by its financial advisor throughout the process, decided that Kaupthing Bank and thereby its creditors shall acquire 87% of common equity in Arion Bank. The Government will continue to own 13% of common equity. Further reading

Announcement by the Ministry of Finance and the Resolution Committee of Kaupthing: Deadline regarding capitalization of New Kaupthing extended until end of November - 10/30/09

The Ministry of Finance and the Resolution Committee of Kaupthing have agreed to extend the deadline for the Resolution Committee to make a decision regarding the capitalization of New Kaupthing until 30 November 2009. Further reading

The Finance Ministers of Iceland, the United Kingdom and the Netherlands: Joint Statement upon introduction of a Bill on Icesave to the Icelandic Parliament Althingi - 10/19/09

Following the signing of an acceptance and amendment agreement between Iceland and each of the UK and the Netherlands a bill was introduced to the Icelandic parliament today. Those amendment agreements and the Bill mark the final steps in implementing the Icesave loan arrangements between Iceland and the UK and the Netherlands. Further reading

Joint press release from the Ministry of Finance, Íslandsbanki and Glitnir's Resolution Committee: Creditors Acquire 95% of Share Capital in Íslandsbanki - 10/15/09

Glitnir’s Resolution Committee has, on behalf of its creditors, decided to exercise the option provided for in its agreement with the Icelandic state and take over 95% of share capital in Íslandsbanki. This concludes the settlement concerning those assets transferred from Glitnir to Íslandsbanki upon the collapse of the commercial banks last October. Further reading

Agreement between the Government of Iceland and the Resolution Committee of Landsbanki on compensation instrument - 10/12/09

The Government of Iceland and the Resolution Committee of Landsbanki are pleased to announce that an agreement has been reached on the outline terms for the compensation payable by New Landsbanki to Landsbanki in return for the transfer of net assets to New Landsbanki in October 2008.

Further reading

Joint press release from the Polish and Icelandic Ministries of Finance - 10/4/09

Today in Istanbul, Turkey, a loan agreement was signed between the Republic of Poland and the Republic of Iceland. Under the agreement, the Republic of Poland will lend the Republic of Iceland 630 million Polish z³oty (PLN), the approximate equivalent of 200 million US dollars (USD).

Further reading

Budget Highlights 2010 - 10/2/09

Budget Highlights for 2010. Further reading

New macroeconomic forecast 2009 - 10/1/09

This report focuses on the development and outlook of the economy for 2009-2011 on the basis of the Ministry of Finance’s most recent macroeconomic forecasts and projections up to the year 2014. Further reading

New macroeconomic forecast for 2009 - 2014 - 10/1/09

New macroeconomic forecast for 2009 - 2014 Further reading

Treasury finances January-August 2009 - 10/1/09

Figures for Treasury finances in the first eight months of 2009 are now available. Total Treasury revenue amounted to 276 billion, decreasing by -18 billion or -6.1% Further reading

The Resolution Committee of Glitnir granted been granted an extension to October 15th to decide whether to aquire control Íslandsbanki - 9/30/09

The Ministry of Finance has accepted a request from the Resolution Committee of Glitnir, on behalf of its creditors, for an extension until October 15th to arrive at a final decicion whether to acquire control of Islandsbanki. Further reading

Icelandic State Banking Agency (ISBA) commences operation - 9/25/09

The Minister of Finance has appointed the Board of Directors of ISBA which has now formally commenced its operation. Further reading

Agreement between the Government of Iceland and the Resolution Committee of Glitnir finalised - 9/13/09

The Government of Iceland announces the signing of definitive agreements with the Resolution Committee of Glitnir regarding the capitalisation of Islandsbanki and the basis for compensation to Glitnir and its creditors following the creation of Islandsbanki in October 2008. Further reading

OECD Economic Surveys: Iceland 2009 - 9/8/09

Last week OECD announced its 2009 economic survey on Icelandic economy. Further reading

Weekly Web Release September 3, 2009 - 9/7/09

Capital income is changing - Merchandise trade in August - The ownership policy of the government regarding financial firms Further reading

Agreement between The Government of Iceland and the Resolution Committee of Kaupthing finalised - 9/4/09

The Government of Iceland announces the signing of definitive agreements with the Resolution Committee of Kaupthing regarding the capitalisation of New Kaupthing and the basis for the compensation following the creation of New Kaupthing in October 2008 Further reading

Weekly Web Release August 27, 2009 - 8/27/09

Treasury finances January-July 2009 - Population developments in 2009 Further reading

Treasury finances January-July 2009 - 8/27/09

Figures for Treasury finances in the first seven months of 2009 are now available. Total Treasury revenue amounted to 227 billion, decreasing by -37 billion or -14.2% Further reading

Investigating possible legal action for damages - 8/25/09

At its meeting this morning, the cabinet approved a proposal from the Minister of Finance to set up a working group to investigate the possibility of the state bringing suit against those individuals and legal entities which can be shown to have caused financial damage to the Icelandic state and general public through their actions in the period leading up to and during the banks’ collapse. Further reading

Weekly Web Release August 20, 2009 - 8/20/09

The development of incomes - Government measures Further reading

Capitalisation of Islandsbanki and New Kaupthing and update regarding Landsbanki - 8/14/09

Press release nr. 56/2009

The Government of Iceland is pleased to announce that it has committed to capitalise Islandsbanki and New Kaupthing on the basis of compensation agreements which are in the process of being finalised with the Resolution Committees of Glitnir and Kaupthing.

Further reading

Weekly Web Release August 13, 2009 - 8/13/09

Treasury finances January-June 2009 - The 2008 Treasury accounts - Merchandise trade in July
Further reading

Treasury finances January-June 2009 - 8/13/09

Figures for Treasury finances in the first sixmonths of 2009 are now available. Total Treasury revenue amounted to 205 billion, decreasing by 21 billion or -9.2% Further reading

Measures to achieve a balance in fiscal finances 2009-2013 - 7/27/09

Revisions of calculations and coordination with IMF.

Further reading

Capitalisation and compensation agreement on process between the Government of Iceland and the Resolution Comittee of Landsbanki - 7/20/09

The Government of Iceland and the Resolution Committee of Landsbanki have reached agreement in relation to a process by which compensation payable to the creditors of Landsbanki arising from the creation of New Landsbanki in October 2008 will be agreed. Further reading

Capitalisation and compensation agreement between the Government of Iceland and the Resolution Comittee of Kaupthing - 7/20/09

The Government of Iceland and the Resolution Committee of Kaupthing are pleased to announce that an agreement has been reached in respect of the initial capitalisation of New Kaupthing and the basis for the compensation payable between the two parties following the creation of New Kaupthing in October 2008. Further reading

Capitalisation and compensation agreement between the Government of Iceland and the Resolution Comittee of Glitnir - 7/20/09

The Government of Iceland and the Resolution Committee of Glitnir are pleased to announce that an agreement has been reached in respect of the initial capitalisation of Islandsbanki and the basis for the compensation payable to the creditors of Glitnir following the creation of Islandsbanki in October 2008. Further reading

Capitalisation of the three principal Icelandic commercial banks and basis of agreement with creditors - 7/20/09

The Government of Iceland is pleased to announce that it has determined the basis for the capitalisation of the three new banks (Islandsbanki, New Kaupthing and New Landsbanki) created following the collapse of the main Icelandic commercial banks in October 2008. Further reading

Negotiations between the state and the resolution committees of the new banks nearing conclusion - 7/17/09

The Government is planning to make an official announcement on Monday 20 June on the conclusion of the negotiations and how the three new banks will be capitalised. Further reading

Background information on Nordic loans to Iceland - 7/6/09

Loan agreements were signed on 1 July in Stockholm between Iceland and its four Nordic neighbours. Further reading

Weekly Web Release July 2, 2009 - 7/2/09

Treasury finances January-May 2009 - Merchandise trade in June 2009 Further reading

Treasury finances January-May 2009 - 7/2/09

Figures for Treasury finances in the first five months of 2009 are now available. Total Treasury revenue amounted to 172 billion, decreasing by 22 billion or -11.5% Further reading

Denmark, Finland, Iceland, Norway, Sweden: Joint press release on Nordic credits to Iceland - 7/1/09

Loan agreements have today been signed between Iceland and Denmark, Finland and Sweden respectively, and between Seðlabanki Íslands, guaranteed by Iceland and Norges Bank, guaranteed by Norway. Further reading

Landsvirkjun enters into a Response Agreement with the Icelandic State - 6/22/09

Because of the uncertainities in the financial markets, Landsvirkjun and the Icelandic state have entered ito a response agreement. Further reading

Weekly Web Release June 18, 2009 - 6/19/09

Recent survey of business conditions and prospects - The equity of home owners Further reading

Weekly Web Release June 11, 2009 - 6/11/09

The Icesave agreement - The economy of the Nordic countries - Acting permanent secretary of the Ministry of Finance Further reading

Joint statement on Icesave - 6/6/09

The Netherlands and UK Governments have signed agreements with the Iceland Compensation Scheme to reimburse UK and the Netherlands for monies paid to eligible depositors in the Dutch and UK branches of Icesave. Further reading

Weekly Web Release June 4, 2009 - 6/4/09

On vehicle fuel prices - Merchandise trade in May Further reading

The status of capitalisation of the New Banks - 6/2/09

The Ministry of Finance together with representatives of the New Banks and its advisers will be meeting with the Resolution Committees and their advisers during this week to commence the formal negotiations in order to conclude the capitalisation of the New Banks and the agreement of compensation for the Old Banks. Further reading

Weekly Web Release May 28, 2009 - 5/28/09

Treasury finances January-April 2009 - The interrelationship between macroeconomic aggregates and the labour force Further reading

Treasury finances January-April 2009 - 5/28/09

Figures for Treasury finances in the first four months of 2009 are now available. Total Treasury revenue amounted to 151 billion, decreasing by 10 billion or -5.9% Further reading

Weekly Web Release May 14, 2009 - 5/14/09

New economic forecast - Unemployment is changing Further reading

Weekly Web Release May 7, 2009 - 5/7/09

The status of the negotiations of the resolution committees and the creditors of the „old banks” - Merchandise trade in April Further reading

New macroeconomic forecast for 2009 - 2014 - 5/1/09

New macroeconomic forecast for 2009 - 2014. Further reading

Weekly Web Release April 30, 2009 - 4/30/09

Treasury finances January-March 2009 - Recent survey of business conditions - Amendments to the Income Tax Act Further reading