On Wednesday June 16 the Supreme Court issued verdicts in two court cases pertaining to the question of whether it is legal to index car leasing payments in krona to changes in exchange rates of foreign currency.

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Gylfi Magnusson Minister of Economic Affairs represented Iceland at the OECD Ministerial Council Meetings in Paris May 27-28 2010.

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Considerable progress has been made during the recession in reducing economic imbalances.

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The EFTA surveillance authority (ESA) has released a formal notice which states the authority's opinion that under EU directive 94/19/EB the Icelandic government had an obligation to implement a system of deposit insurance in order to ensure that each bank depositor was guaranteed a minimum compensation of EUR 20.000.

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Authorities have been monitoring closely discussions between Byr and Keflavik Savings Bank and their creditors, to ensure that debt restructuring of the savings bank is concluded on a sound basis.

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The full text of the document is now available on the Ministry of Economic Affairs website: More...

The Executive Committee of the International Monetary Fund (IMF) has approved the second review of Iceland‘s economic program. Accordingly USD 830 million in new funding from the IMF, the Nordic countries and Poland will be available to strengthen the CBI‘s currency reserve. More...

The report issued earlier today by Parliament‘s Special Investigatory Committee (SIC) addresses a number of matters related to the Ministry's portfolio. More...

Agreement has been reached on a letter of intent for the second review under Iceland's Stand-By Arrangement with the IMF. More...

Mr. Gylfi Magnusson Minister for Economic Affairs and Mr. Steingrimur J. Sigfusson Minister for Finance met on Thursday March 25 and Friday March 26 with top management and board members of the International Monetary Fund (IMF) in Washington DC. More...

At its regular cabinet meeting earlier today, Friday March 26 2010, the government agreed to pass a new bill by the Minister for Economic Affairs, amending existing competition legislation to both government parliamentary groups and Parliament. More...

Gylfi Magnusson Minister for Economic Affairs and Steingrimur J. Sigfusson Minister of Finance will on Friday March 26 meet with Dominique Strauss-Kahn Managing Director of the International Monetary Fund (IMF) and Murilo Portugal Deputy Managing Director, to discuss the collaboration between the government of Iceland and the fund and the IMF supported economic programme. More...

The Nordic Economic Report 2009 was presented by The Minister of Economic Affairs, DR. Gylfi Magnússon, at the nordic finance ministers meeting in Copenhagen in Desember 2009. The Nordic Economic Report is a joint project by the nordic countries and is published once each year.

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Adapted from lectures given at Harvard University, February 26^th 2009, and Yale University, February 27^th 2009. More...

Comments given in testimony to a Dutch parliamentary committee by a former official of the Dutch National Bank contain grave allegations about the veracity of statements made by Icelandic regulators to their foreign counterparts prior to the collapse of Icelandic banks in the Fall of 2008. More...

The Icelandic Parliament, Althingi, convened today to debate a Government bill regarding the preparation for a national referendum on the so-called Icesave legislation. This comes in the wake of the President of Iceland´s decision on 5 January not to sign into law a bill which provides for a state guarantee of loan repayments to the British and Dutch governments. According to Article 26 of the Constitution, a national referendum must take place should the President not sign a bill into law.

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The Government of Iceland has decided to hold a national referendum on the so-called Icesave legislation, following broad consultations with both coalition and opposition parties as well as employers' associations and labor unions. The referendum is expected to take place late February.

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The President of Iceland has declined to sign a law authorising a state guarantee for repayment of loans provided by the UK and the Netherlands to the Depositors' and Investors' Guarantee Fund, intended to cover payment of the minimum deposit guarantees to depositors in the UK and Netherlands branches of the failed Landsbanki Íslands hf. More...