Central Bank concludes assessment of preliminary composition proposals
The winding-up boards of the three largest failed commercial banks, Kaupthing hf., Glitnir hf., and LBI hf., have requested that the Central Bank of Iceland grant them exemptions from the Foreign Exchange Act in connection with the proposed composition agreements with their creditors and the conclusion of the winding-up proceedings of the failed banks’ estates; cf. Article 103(a) of the Act on Financial Undertakings, no. 161/2002.
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Financial Stability 2015/2 published
The Central Bank has published Financial Stability 2015/2. This issue of the Financial Stability report contains the customary analysis of households’ and firms’ position, as well as a discussion of the banks’ operations and operating environment. Also included are the results of the stress test on the three large commercial banks, carried out by the Central Bank and the Financial Supervisory Authority this past spring. Financial Stability is issued in two volumes each year. Today’s publication is the latter volume for 2015.
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Minutes of the MPC
Here are the minutes of the Monetary Policy Committee of the Central Bank of Iceland from the meeting held on 29 September. There, the Committee discussed economic and financial market developments, the interest rate decision on 30 September, and the communication of that decision.
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IMF Annual Meetings 2015
The 2015 annual meetings of the International Monetary Fund (IMF) and the International Monetary and Financial Committee (IMFC) were held on 9-11 October in Lima, Peru. Governor Már Guðmundsson, Iceland’s representative on the IMF Board of Governors, attended the meetings and gave a speech on behalf of the Nordic-Baltic Constituency. The Constituency’s representative on the IMFC was Øystein Olsen, governor of Norges Bank.
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Loan from IMF paid in full
The Central Bank of Iceland has decided to prepay in full the remaining balance on the loan taken from the International Monetary Fund (IMF). The prepayment amounts to about 42 b.kr. (SDR 237 million), and the loan in question mature in 2015 and 2016. The Central Bank’s foreign liquidity position is good at present, in part because of the Bank’s purchases in the domestic foreign exchange market. As a result, there is scope to reduce short-term foreign-denominated liabilities.
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