25 January 2008

The first working day of the year

Iceland's banks and savings banks have been closed on the first working day of the year for historical reasons that are no longer applicable; therefore, the Board of Governors of the Central Bank of Iceland has decided that henceforth (i.e. from 2009) the Central Bank will be open on that day, as it is on other working days. This means that it will be possible for customers to conduct their normal business with the Central Bank, including transactions in the RTGS system and transactions with notes and coin, among other business. Banks and savings banks therefore have the option of opening for business on that day.

Earlier this month, the Central Bank sent a letter notifying all commercial banks and savings banks, as well as Fjölgreiðslumiðlun hf. (FGM), the Icelandic Banks' Data Centre (RB), and the Icelandic Securities Depository hf., of its intentions. No comments have been forthcoming. It is desirable that financial institutions publicise their plans with regard to this matter as soon as possible so that it will be clear whether the day in question will be a regular banking day in the future.

Further information can be obtained from Eiríkur Gudnason, Governor of the Central Bank of Iceland, at tel +354 569-9600.

No. 3/2008
25 January 2008