21 October 2008

Updated information on payment intermediation: some difficulties solved

The Central Bank of Iceland has compiled updated information on the
status of domestic and international payment intermediation. This
information describes the status of payment intermediation for
individuals and companies.

The Central Bank will maintain current information on this topic on a
separate page on its website.

Supplement, Thuesday, October 21, 2008, 12:21 p.m.:

- United Kingdom: It has been difficult to transfer funds to and from the United Kingdom. This situation can be attributed directly to the actions taken by the British authorities. Work is being done to resolve the issues involved. For the most part, this difficulty seems to have been resolved;  however, it can be expected to take a few days for payment  intermediation to return to normal (Oct., 21, 08). On October 17, 2008, the British Treasury issued a Financial Sanctions Notice concerning the freezing of the previous Landsbanki’s assets. The notice states explicitly that the actions taken by the British authorities apply only to certain aspects of the operations of the former Landsbanki. It is hoped that, in the wake of this, it will be possible to lift the majority of the restrictions on payment flow between Iceland and the UK. For further information, see: Financial Sanctions Notice from the British Treasury.