News
Icesave Issue Resolved
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.
MoreBank Reconstruction Concluded
The restructuring of Iceland’s three commercial banks is now concluded.
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New exchange agreements signed
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.
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Agreement between the Icelandic government and Landsbanki's Resolution Committee on settlement
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.
MoreImportant step in the financial restructuring of BYR
The Ministry of Finance held meetings yesterday with the management of BYR Savings Bank, together with its advisors, and a number of creditor representatives.
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Agreement on ownership of Arion Bank
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.
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Announcement by the Ministry of Finance and the Resolution Committee of Kaupthing: Deadline regarding capitalization of New Kaupthing extended until end of November
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.
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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
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.
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Joint press release from the Ministry of Finance, Íslandsbanki and Glitnir's Resolution Committee: Creditors Acquire 95% of Share Capital in Íslandsbanki
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.
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Agreement between the Government of Iceland and the Resolution Committee of Landsbanki on compensation instrument
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.
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Joint press release from the Polish and Icelandic Ministries of Finance
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).
MoreNew macroeconomic forecast 2009
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.
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Treasury finances January-August 2009
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%
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The Resolution Committee of Glitnir granted been granted an extension to October 15th to decide whether to aquire control Íslandsbanki
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.
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Icelandic State Banking Agency (ISBA) commences operation
The Minister of Finance has appointed the Board of Directors of ISBA which has now formally commenced its operation.
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Agreement between the Government of Iceland and the Resolution Committee of Glitnir finalised
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.
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OECD Economic Surveys: Iceland 2009
Last week OECD announced its 2009 economic survey on Icelandic economy.
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Weekly Web Release September 3, 2009
Capital income is changing - Merchandise trade in August - The ownership policy of the government regarding financial firms
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Agreement between The Government of Iceland and the Resolution Committee of Kaupthing finalised
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
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Weekly Web Release August 27, 2009
Treasury finances January-July 2009 - Population developments in 2009
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Treasury finances January-July 2009
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%
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Investigating possible legal action for damages
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.
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Capitalisation of Islandsbanki and New Kaupthing and update regarding Landsbanki
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.
MoreWeekly Web Release August 13, 2009
Treasury finances January-June 2009 - The 2008 Treasury accounts - Merchandise trade in July
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Treasury finances January-June 2009
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%
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Capitalisation and compensation agreement on process between the Government of Iceland and the Resolution Comittee of Landsbanki
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.
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Capitalisation and compensation agreement between the Government of Iceland and the Resolution Comittee of Kaupthing
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.
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Capitalisation and compensation agreement between the Government of Iceland and the Resolution Comittee of Glitnir
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.
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Capitalisation of the three principal Icelandic commercial banks and basis of agreement with creditors
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.
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Negotiations between the state and the resolution committees of the new banks nearing conclusion
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.
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Background information on Nordic loans to Iceland
Loan agreements were signed on 1 July in Stockholm between Iceland and its four Nordic neighbours.
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Weekly Web Release July 2, 2009
Treasury finances January-May 2009 - Merchandise trade in June 2009
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Treasury finances January-May 2009
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%
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Denmark, Finland, Iceland, Norway, Sweden: Joint press release on Nordic credits to Iceland
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.
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Landsvirkjun enters into a Response Agreement with the Icelandic State
Because of the uncertainities in the financial markets, Landsvirkjun and the Icelandic state have entered ito a response agreement.
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Weekly Web Release June 18, 2009
Recent survey of business conditions and prospects - The equity of home owners
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Weekly Web Release June 11, 2009
The Icesave agreement - The economy of the Nordic countries - Acting permanent secretary of the Ministry of Finance
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Joint statement on Icesave
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.
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The status of capitalisation of the New Banks
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.
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Weekly Web Release May 28, 2009
Treasury finances January-April 2009 - The interrelationship between macroeconomic aggregates and the labour force
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Treasury finances January-April 2009
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%
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Weekly Web Release May 7, 2009
The status of the negotiations of the resolution committees and the creditors of the „old banks” - Merchandise trade in April
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Weekly Web Release April 30, 2009
Treasury finances January-March 2009 - Recent survey of business conditions - Amendments to the Income Tax Act
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Treasury finances January-March 2009
Figures for Treasury finances in the first three months of 2009 are now available. Total Treasury revenue amounted to 122 billion, decreasing by 6 billion or -5,0%
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Weekly Web Release April 2, 2009
Treasury finances, January-February 2009 - A new forecast by the OECD - Information exchange agreement with Cayman Islands - Merchandise trade in March
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Treasury finances January-February 2009
Figures for Treasury finances in the first two months of 2009 are now available. Total Treasury revenue amounted to 91 billion, decreasing by 6 billion or -6.2%
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Weekly Web Release March 26, 2009
Changes in the interest rebate system - PAYE tax data - Enquiries due to the economic difficulties -
Featured articles in the Ministry’s macroeconomic report
MoreStatement from the Minister of Finance
In accordance with the rules on capital contributions from the Treasury to savings banks, which were issued on December 17, 2008, the Ministry of Finance has already received applications from Sparisjódur Nordfjardar, Sparisjódur Keflavíkur, Sparisjódur Vestmannaeyja, Sparisjódur Svarfdæla, Sparisjódur Bolungarvíkur, and Byr.
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Weekly Web Release March 19, 2009
Wage income by age - Payment adjustment measures for the business sector - The investment authority of pension funds
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Weekly Web Release March 12, 2009
The growth in unemployment differs by sector and gender - Earmarked taxes - Repayment of commodity tax and value added tax on re-exported used vehicles
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Appointment of Hawkpoint to lead negotiations with banking creditors
The Government of Iceland has taken steps to strengthen and streamline the process of negotiations between the three new banks created in the wake of the collapse of the main Icelandic commercial banks (Glitnir, Kaupthing and Landsbanki) and the creditors of the old banks.
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Weekly Web Release March 5, 2009
Treasury finances, January 2009 - Increased reimbursements of value added tax for residential housing - Merchandise trade in February
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Treasury finances January 2009
Figures for Treasury finances in the first month of 2009 are now available. Total Treasury revenue amounted to 55 billion, decreasing by 2 billion or -3.6%
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Weekly Web Release February 19, 2009
Treasury finances, January-December 2008 - A bill proposing the abolition of the so-called Pension Act
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Treasury finances January-December 2008
Figures for Treasury finances in the twelve months of 2008 are now available. Total Treasury revenue amounted to 445 billion, decreasing by 9 billion or -2.1%
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Weekly Web Release February 12, 2009
Treasury expenditure on social security and welfare - The increase in unemployment
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Weekly Web Release February 5, 2009
Individual pension accounts - The supply of labour in 2009 - Merchandise trade in January
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Weekly Web Release January 29, 2009
Treasury assets and debt - Prospects for world economic growth
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The Treasury's asset and liability statement
The Treasury’s debt position has been under intense discussion in recent days as well as the changes that have taken place since the collapse of the banks in October 2008.
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Weekly Web Release January 22, 2009
New economic forecast - Alternative forecasts for 2009 and 2010 - The Treasury borrowing requirement in 2009
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Weekly Web Release January 15, 2009
Retroactive authorisation to draw up accounts in foreign currency - Stricter demands for accounting quality - The labour market in the fourth quarter of 2008
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Weekly Web Release January 8, 2009
Treasury finances, January-November 2008 - A pamphlet on the merger of government agencies - Merchandise trade in December
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Treasury finances January-November 2008
Figures for Treasury finances in the first eleven months of 2008 are now available. Total Treasury revenue amounted to 393 billion, increasing by 3 billion or 0.9%
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