25 September 2020

Webcast with a press conference on the statement and the contents of the Financial Stability report

A webcast with a press conference on the statement and the contents of the Financial Stability report

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23 September 2020

Financial Stability report published

The Financial Stability report, second issue 2020, has been posted on this website. The Financial Stability report, second issue 2020, has been posted on this website. The Bank’s semi-annual Financial Stability report presents an overview of the position of the financial system, its strengths and potential weaknesses, and the macroeconomic and operational risks it may face. In addition, it explains how the Central Bank carries out the tasks necessary for the operation of a sound and effective financial system. Financial Stability is also published in Icelandic under the title Fjármálastöðugleiki.

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23 September 2020

Statement of the Financial Stability Committee 23 September 2020

The battle to control the pandemic is proving more protracted than previously hoped, exacerbating uncertainty and adversely affecting financial institutions’ loan portfolios, says in the statement of the Financial Stability Committee. It is important that financial institutions work diligently on debt restructuring and that they use the scope provided by Government and Central Bank measures to support households and businesses. The three large commercial banks are in a strong capital and liquidity position. Central Bank measures have significantly eased their access to liquidity, and credit spreads in international markets have narrowed. As a result, the banks have access to liquidity in both krónur and foreign currencies. They are therefore well positioned to address the repercussions of the pandemic.

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22 September 2020

Statement by the Central Bank of Iceland Financial Supervision Committee on assessment of risk in financial institutions’ operations

The Financial Supervisory Authority of the Central Bank of Iceland (FSA Iceland) assesses key risks in financial institutions’ operations through the so-called supervisory review and evaluation process (SREP).

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18 September 2020

Prohibition on new sales of NOVIS insurance products in Iceland

The National Bank of Slovakia (Národná banka Slovenska, NBS), which regulates financial activities in Slovakia, has imposed a temporary ban on new sales of insurance products from NOVIS Insurance Company, NOVIS Versicherungsgesellschaft, NOVIS Compagnia di Assicurazioni, NOVIS Poisťovňa a.s. (NOVIS) until specified conditions have been satisfied. The ban includes NOVIS insurance products that are in distribution in Iceland. NOVIS began selling life insurance products in Iceland in January 2018 and, as of end-December 2019, had active contracts with a total of 5,201 policyholders.

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