13 April 2010

How has households' position changed in the recent term and what can measures to support households achieve?

Yesterday, a symposium was held at the Central Bank of Iceland on the position of Icelandic households and what debt restructuring measures can achieve. Lead speakers were Karen Á. Vignisdóttir and Thorvardur Tjörvi Ólafsson, economists at the Central Bank of Iceland. The analysis presented in the symposium focused on estimating how households' ability to cover their debt service and living expenses has developed in the last few years. The effects of various debt restructuring measures were also examined.

The results indicate that 23% of households, or 24,000 households, are still in financial distress in spite of the measures examined in the analysis. The composition of the group of households needing more assistance was also analysed.

The findings were presented in a lecture supplemented by the following PDF document:

Symposium on households' position 12.04.2010.pdf