News

Treasury finances January-October 2015 - 12/9/15

Statistics for Treasury finances for January-October 2015 are now available.

Further reading

Treasury finances January-September 2015 - 11/20/15

Statistics for Treasury finances for January-September 2015 are now available.

Further reading

Consultation between Central Bank and Minister of Finance and Economic Affairs on exemptions for the three failed banks' estates - 10/28/15

In the opinion of the Central Bank of Iceland, the draft composition agreements submitted by the estates of the three failed banks satisfy the requirements set forth in the Foreign Exchange Act, in that the implementation of the composition agreements together with the proposed mitigating measures will not jeopardise monetary, exchange rate, or financial stability. This is stated in the Central Bank's report on the settlement of the failed banks' estates on the basis of the stability conditions.

Further reading

Glitnir hf. creditor group submits amended proposal for stability contribution - 10/20/15

A group of Glitnir hf. creditors has prepared amendments to its previous proposal, submitted by letter on 8 June 2015, concerning Glitnir's stability contribution to the State in connection with the comprehensive capital account liberalisation strategy announced that same day. In a letter received by the Minister of Finance and Economic Affairs today, these same Glitnir creditors propose that Glitnir's entire holding in Íslandsbanki be transferred to the State, which would then become full owner of the bank.

Further reading

Treasury finances January-August 2015 - 10/9/15

Statistics for Treasury finances for January-August 2015 are now available. Further reading

Treasury finances January-July 2015 - 9/15/15

Statistics for Treasury finances for January-July 2015 are now available.

Further reading
Bjarni Benediktsson fjármála- og efnahagsráðherra kynnir fjárlagafrumvarp ársin 2016. Mynd/Pressphotos

National Budget proposal 2016  - 9/8/15

The National Budget proposal for 2016 has been submitted to Parliament. The proposal provides for a surplus of ISK 15.3bn, for the third consecutive year with a balanced budget. The primary surplus will continue to be significant, at ISK 73bn, which is larger than in most other countries at present.

Further reading

New OECD survey on Iceland economy - 9/1/15

Today, the OECD published a new economic survey on the Icelandic economic situation and policies. The previous survey was published in 2013. Further reading

Treasury finances January-June 2015 - 8/6/15

Statistics for Treasury finances for January-June 2015 are now available. Further reading

Republic of Iceland buys back 400 million of own bonds denominated in USD - 8/5/15

Republic of Iceland has purchased for cancellation nominal value of 400 million USD of the bond series “ICELAND 4.875% 06/16/16” (ISIN USX3446PDH48/US451029AD49). Further reading

Treasury finances January-May 2015 - 8/5/15

Statistics for Treasury finances for January-April 2015 are now available.

Further reading

Fitch Ratings upgrades Iceland to BBB+ - 7/24/15

Fitch Ratings has upgraded Iceland's Long-term foreign currency Issuer Default Rating (IDR) to ‘BBB+' from ‘BBB‘ with a stable outlook.  Long-term local currency IDR was also upgraded  to ‘A-' from ‘BBB+' . The agency has also upgraded the Short-term foreign currency IDR to ‘F2' from ‘F3'and upgraded the Country Ceiling to ‘BBB+' from ‘BBB‘.

Further reading

Standard and Poor's upgrades Iceland's rating - 7/17/15

Standard & Poor's Ratings Services has raised its long- and short-term foreign and local currency sovereign credit ratings on the Republic of Iceland to ‘BBB/A-2' from 'BBB-/A-3'. The outlook is Stable.

Further reading

Treasury repays Avens bond - 7/15/15

Today the Treasury repaid the balance outstanding on the so-called Avens bond totalling EUR 192 million plus interest. The original face value of the bond, issued in 2010 and to be repaid in instalments with final maturity in 2025, was EUR 402 million.

Further reading

Legislation on Stability Levy adopted unanimously - 7/3/15

The Icelandic parliament Althingi today passed the Bill of the Minister of Finance and Economic Affairs on a stability levy, concerning which a political consensus was achieved in the Althingi. The new Act on a Stability Levy introduces a one-off levy, with the objective of creating the premises for removal of the capital controls introduced in Iceland in the wake of the financial system collapse of 2008. Further reading

Moody's upgrades Iceland's rating - 6/30/15

Moody's has upgraded the government of Iceland's government debt ratings to Baa2 from Baa3.

Further reading

Government Accounts 2014 - 6/29/15

The results of Government Accounts for 2014 have now been published and the accounts forwarded to the Althingi. The current balance for the year was positive by ISK 46.4 billion, which is a better than expected result. By comparison, the 2013 outcome was a small deficit. 

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Treasury finances January-April 2015 - 6/29/15

Statistics for Treasury finances for January-April 2015 are now available.

Further reading

Comprehensive strategy for capital account liberalisation announced - 6/8/15

At a meeting held yesterday, the Government of Iceland agreed to present before Parliament two bills of legislation sponsored by the Minister of Finance and Economic Affairs. Together, the two bills lay the foundation for a comprehensive strategy for capital account liberalisation.

Further reading

Iceland in Continuing Consultations Regarding - Capital Control Liberalization (Kaupthing) - 6/8/15

The Iceland Ministry of Finance today announced that it has continued its consultations with parties affected by the capital controls in Iceland about the proposals the Government is considering for the liberalization of those controls.

Further reading

Iceland in Continuing Consultations Regarding - Capital Control Liberalization (LBI) - 6/8/15

The Iceland Ministry of Finance today announced that it has continued its consultations with parties affected by the capital controls in Iceland about the proposals the Government is considering for the liberalization of those controls.

Further reading

Iceland in Continuing Consultations Regarding - Capital Control Liberalization (Glitnir) - 6/8/15

The Iceland Ministry of Finance today announced that it has continued its consultations with parties affected by the capital controls in Iceland about the proposals the Government is considering for the liberalization of those controls.

Further reading

Treasury finances January-March 2015 - 6/8/15

Statistics for Treasury finances for January-February 2015 are now available.

Further reading

Government measures to facilitate private sector wage settlements - 5/29/15

Today the Government of Iceland approved measures in connection with private sector wage settlements. The measures are presented in eleven items centring on various areas of taxation, social affairs, and housing affairs, as well as fiscal and economic policy reforms. 

Further reading
Icelandic Minister of Finance and Economic Affairs Bjarni Benediktsson, Central Bank of Iceland Governor Már Guðmundsson, and Polish Minister of Finance Mateusz Szczurek sign an amendment to the loan

Loan from Poland paid off - 5/27/15

This week the Republic of Iceland will prepay the loan taken from Poland in 2009, in connection with the Stand-By Arrangement with the International Monetary Fund (IMF) following the collapse of the Icelandic financial system. The prepayment amounts to 204 million złotys, the equivalent of 7.3 billion Icelandic krónur.  The loan facility offered by Poland totalled 630 million złotys, and Iceland borrowed about a third of that amount.  The original maturity of the loan was during the period 2015-2022. 

Further reading

Treasury finances January-February 2015 - 5/8/15

Statistics for Treasury finances for January-February 2015 are now available.

Further reading

Republic of Iceland buys back its own bonds denominated in USD - 4/15/15

During the first quarter of 2015, the Central Bank of Iceland (the “Bank”), which manages borrowing on behalf of the Treasury, purchased for cancellation nominal value of USD 97,465,000 in the bond series “ICELAND 4.875% 06/16/16” (ISIN USX3446PDH48/US451029AD49).

Further reading

Medium-Term Debt Management Strategy 2015-2018 - 4/1/15

The Ministry of Finance and Economic Affairs has released the Medium-Term Debt Management Strategy (MTDS) for 2015-2018. This is the fifth time the MTDS has been published. Further reading

Treasury finances for January 2015 - 4/1/15

Statistics for Treasury finances for January 2015 are now available.

Further reading
Bjarni Benediktsson, fjármála- og efnahagsráðherra.

Minister of Finance and Economic Affairs: address at the Annual General Meeting of the Central Bank of Iceland, 26 March 2015 - 3/27/15

A year ago, in this room and on the same occasion, I said that spring weather was ahead for the Icelandic economy – that we were slowly and steadily regaining our previous strength. Since then, a great deal of progress has been made. The situation has continued to improve, and the outlook is vastly different than it was only a few years ago.

Further reading

A report on the progress of plans to remove capital controls - 3/19/15

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

Treasury finances January-December 2014 - 3/5/15

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

Further reading

Fitch changes outlook on sovereign rating to positive  - 1/30/15

International rating agency Fitch Ratings published its credit ratings for the Republic of Iceland today. The outlook has been changed from stable to positive, and the long-term foreign and local currency ratings were affirmed at BBB and BBB+, respectively.

Further reading

Treasury finances January-November 2014 - 1/8/15

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

Further reading