Publications
Legislation on foreign-denominated loans enacted
Businesses on the right track
ESA confirms the Icelandic Emergency Act‘s legitimacy
The EFTA Surveillance Authority (ESA) confirmed yesterday the conclusion of seven complaint cases, regarding the Act‘s granting of priority ranking to depositors in insolvency proceedings over that of other unsecured creditors.
More...IMF mission concludes visit in preparation of fourth review
Third Review of Iceland's Economic Recovery Programme approved by IMF Executive Board
Fair Resolution Ensured through Legislation
IMF schedules third review of Iceland‘s economic program
Nordic and Baltic Ministries, Central Banks and Supervisory Authorities sign Agreement on Financial Stability
A co-operation agreement on cross-border financial stability, crisis management and resolution between the finance ministries and other relevant ministries, central banks and financial supervisory authorities of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden has been signed.
More...Ministries, Central Bank and Financial Supervisory Authority sign Agreement on Financial Stability and Preparedness
Government statement regarding guidelines from the CBI and FME
The Central Bank of Iceland (CBI) and the Financial Services Authority (FME) have issued new guidelines for financial undertakings on the treatment of loans linked to foreign exchange rates.
More...Supreme Court decision pertaining to the legality of loans indexed to foreign currency
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.
More...Joint press release by the Ministry of Economic Affairs and Ministry of Foreign Affairs about the OECD Ministerial Meeting in Paris May 27-28 2010
Gylfi Magnusson Minister of Economic Affairs represented Iceland at the OECD Ministerial Council Meetings in Paris May 27-28 2010.
More...OECD - Economic outlook
Considerable progress has been made during the recession in reducing economic imbalances.
More...Formal notice by the EFTA surveillance authority
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.
More...New financial institutions assume deposits and assets of Byr and Keflavik Savings Bank
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.
More...Government issues Letter of Intent
The full text of the document is now available on the Ministry of Economic Affairs website:
More...Second review of economic program by the board of the IMF
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...Ministry of Economic Affairs' initial reaction to the SICs report
The report issued earlier today by Parliament‘s Special Investigatory Committee (SIC) addresses a number of matters related to the Ministry's portfolio.
More...IMF schedules second review of Iceland's economic program
Working to clear obstacles in the way of IMF review
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...Competition authority to receive broader powers to break up dominant firms
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...Ministers meet with IMF directors
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.
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The Nordic Economic Report 2009
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.
More...The Icelandic Economy: Recovering From a Very Hard Landing By Gylfi Magnússon, Minister of Business Affairs
Comments by the Minister of Economic Affairs regarding statements before a Dutch parliamentary committee
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...National referendum to take place as soon as possible
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.
More...The Government of Iceland remains fully committed to honour Iceland's obligations Government prepares to submit the Icesave legislation for approval by national referendum
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.
More...The Government committed to the Economic Program
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.
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