News

Treasury finances January-October 2014 - 12/5/14

Statistics for Treasury finances for January - October 2014 are now available.

Further reading

Important step in capital account liberalisation - 12/4/14

The Icelandic authorities will not approve the LBI hf. winding-up committee's request for exemptions from the capital controls, submitted with a letter dated 12 June 2014. It is not agreed that the bond issued by Landsbankinn shall be exempt from the controls.

Further reading

FATCA agreement between Iceland and the United States  - 12/2/14

Iceland has reached an agreement in substance with the United States on the terms of a Model 1 intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA), and has consented to be listed on the website of the US Treasury Department as a jurisdiction that is treated as having an IGA in effect. As from 30 November  2014, Iceland is treated as having an IGA in effect. 

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EFTA Court advisory opinion delivered - 11/24/14

The following is a joint press release from the Ministry of Finance and Economic Affairs, Financial Supervisory Authority, and Central Bank of Iceland concerning the advisory opinion of the EFTA Court, delivered today:  

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Improved equity and debt position of 56,000 households - 11/10/14

The Prime Minister and the Ministry of Finance and Economic Affairs, together with the project management team of the principal reduction actions, today announced the outcome of the government's Debt Relief Programme in the conference centre Harpa.  

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Treasury finances January-September 2014 - 11/5/14

Statistics for Treasury finances for January - September 2014 are now available.

Further reading

A report on a new framework for consumer mortgage credit - 10/21/14

The Ministry of Finance and Economic Affairs has compiled a report on a new framework for consumer mortgage credit. 

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Agreement on the Transposition of Regulations on European Financial Market Supervisory Agencies - 10/14/14

Ministry of Finance and Economic Affairs Bjarni Benediktsson attended a meeting of EFTA and EU Ministers of Finance in Luxembourg today. At this meeting a political agreement was concluded between the parties on the transposition of three Regulations on European Financial Supervisory Agencies.  Further reading
Kerfisáhættunefnd kom saman til fyrsta fundar 2.október

First meeting of Systemic Risk Committee - 10/3/14

The first meeting of the newly established Systemic Risk Committee was held yesterday. The role of the Committee, which works for the Financial Stability Council, is to make recommendations to the Council.

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Treasury finances January-August 2014 - 10/1/14

Statistics for Treasury finances for January - August 2014 are now available.

Further reading

A report on the progress of plans to remove capital controls - 9/24/14

The Minister of Finance and Economic Affairs has, as provided for in Act No. 16/2013 of the Icelandic parliament Althingi, published a report on the progress of plans to remove capital controls Further reading

Financial Stability Council established - 9/11/14

The first meeting of the newly established Financial Stability Council was held in the Ministry of Finance and Economic Affairs on Wednesday, 10 September 2014. The Financial Stability Council is a formal co-operation forum of public authorities for financial stability. Further reading

Treasury Budget Proposal 2015 - 9/9/14

The fiscal budget proposal for 2015 has been submitted to Parliament. It provides for a balanced budget for the second year in a row, with a surplus of ISK 4.1bn for the year. Stability and growth in support of responsible economic policy is the core concept behind the Government's medium-term fiscal plan. In this environment of prudent fiscal policy, the social welfare system will be supported with increased allocations to social security functions. 

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Treasury finances January - July 2014 - 9/2/14

Statistics for Treasury finances for January - July 2014 are now available.

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Minister of Finance and Economic Affairs appoints Governor of the Central Bank - 8/15/14

Pursuant to Article 23, Paragraph 1 of the Act on the Central Bank of Iceland, the Minister of Finance and Economic Affairs has appointed Már Guðmundsson to the position of Governor of the Central Bank.

Further reading

Government Accounts for 2013 - 8/14/14

The results of Government Accounts for 2013 have now been published and the accounts forwarded to the Althingi.

Further reading

Medium-term Debt Management Strategy 2014-2017 - 7/18/14

The Ministry of Finance and Economic Affairs has published the government's Medium-term Debt Management Strategy for the period 2014-2017. This is the fourth instance of such publication. The principal changes which have been made since last year's publication concern the guidelines for the composition of the debt portfolio, which provide for a reduced share of inflation-indexed borrowing and a correspondingly greater share of non-indexed loans. A change has also been made to the target for the Treasury's foreign balance with the Central Bank, reducing it from ISK 80 billion to around ISK 60-70 billion on average.

Further reading

Agreement with Advisors to Work on Removal of Capital Controls - 7/9/14

 The Ministry of Finance and Economic Affairs has, in consultation with the Ministerial Committee on Economic Affairs and the Steering Group on Removal of Capital Controls, reached an agreement with the legal office Cleary Gottlieb Steen & Hamilton LLP and the consultants White Oak Advisory LLP to assist the Icelandic authorities in removing capital controls. Attorney Lee Buchheit of Cleary Gottlieb Steen & Hamilton will direct the legal office's work on this project.   

Further reading

Treasury Issues EUR-denominated Bonds - 7/8/14

The National Treasury has today concluded agreements on issuance of bonds totalling EUR 750 million, or the equivalent of ISK 116 billion, the Treasury's first public EUR issuance since 2006.

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Treasury finances January-May 2014 - 7/2/14

Statistics for Treasury finances for January-May 2014 are now available.

Further reading
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