31 October 2023

Organisational changes at the Central Bank of Iceland

Taking effect today are changes to the Central Bank of Iceland’s organisational chart that were approved at a meeting of the Governor and Deputy Governors and ratified by the Supervisory Board, in accordance with the Act on the Central Bank of Iceland.

Under the new organisational chart, the IT and Statistics Department and the Operations Department were disbanded and two new departments established: the Data and Transformation Department and the Information Technology Department. The Finance Department will henceforth be called the Finance and Operations Department, and the Human Resources Department will no longer be designated as a support department in the organisational chart but will be a centralised department called Human Resources and Culture.

These organisational changes are a natural continuation of the merger of the Central Bank and the Financial Supervisory Authority at the beginning of 2020, which was undertaken in order to enhance efficacy and clarify responsibilities, improve the administration of decision-making, ensure effective utilisation of information, and offer the possibility of better-quality analysis and oversight. In implementing the changes, the Bank has taken a further step towards integrating its activities in the wake of the merger, thereby enhancing efficiency in matters including budgeting and operational planning. Increased emphasis will be placed on data issues, cybersecurity, centralised policymaking, and documentation and quality issues.

Further information on the organisational structure of the Central Bank of Iceland can be found here: Organisational structure of the Central bank of Iceland.

No. 18/2023
31 October 2023