The Central Bank of Iceland has published a report on Iceland´s balance of payments, external position and associated vulnerabilities. The report discusses the impact of the COVID-19 pandemic on the balance of payments and external position in 2020 and sketches out a balance of payments scenario for 2021. Particular emphasis is placed on developments in the balance of payments and capital flows, as well as on the impact of changes in flows on external position and its composition, and on the domestic foreign exchange interbank market. The main conclusion drawn in the report is that although the pandemic significantly affected...
Effective Monday 3 May 2021, the Central Bank will discontinue its regular foreign currency sales programme. The Central Bank began selling foreign currency to market makers on a regular basis on 14 September 2020. At that time, the domestic foreign exchange market had been significantly affected by the COVID-19 pandemic. The króna had depreciated markedly because of a reduction in export revenues and financial transactions, and price formation in the foreign exchange market became inefficient as a result. The Bank’s assessment was that, all else being equal, a sustained, increased supply of currency from its international reserves would help to...
National Bank of Slovakia decision imposing sanctions and corrective measures for investment infringement by NOVIS
The Central Bank of Iceland Financial Supervisory Authority (FSA Iceland) makes reference to previous press releases concerning the National Bank of Slovakia’s (Národná banka Slovenska, NBS) decisions on NOVIS Versicherungsgesellschaft, NOVIS Compagnia di Assicurazioni, NOVIS Poisťovňa a.s. (NOVIS), most recently on 25 February 2021. On 27 April 2021, NBS issued a press release announcing its decision on NOVIS’ infringement of its obligation to invest policyholders’ premiums in accordance with the terms of their insurance contracts. An on-site inspection carried out by NBS has revealed that NOVIS violated its obligation by not investing the full amount of policyholders’ premiums in accordance with their insurance...
The International Monetary Fund published its Concluding Statement today, after meeting with the Icelandic Authorities and other stakeholders over the past three weeks. The meetings were part of the Fund’s annual Article IV Consultation on developments and prospects for the Icelandic economy. This year’s meetings focused in particular on the COVID-19 pandemic, its repercussions, and responses to it. Similar appraisals are carried out by IMF staff in all member countries. IMF Staff Concluding Statement of the 2021 Article IV Mission This news item was originally published by the Central Bank of Iceland (CB IS). For more information, please see the Source...
The Parliamentary Economic Affairs and Trade Committee will hold an open teleconference on Tuesday 20 April 2021 at 9:00 hrs. on the Central Bank Financial Supervision Committee’s (FMEN) report to Parliament for 2020. Guests will be Ásgeir Jónsson, Governor of the Central Bank, and Unnur Gunnarsdóttir, Deputy Governor for Financial Supervision. The meeting will be streamed on the Parliament website and television channel. Further information can be found on the Parliament website. This news item was originally published by the Central Bank of Iceland (CB IS). For more information, please see the Source Link.
Statement of the Financial Stability Committee and publication of Financial Stability report – today
A statement of the Financial Stability Committee will be published on the Central Bank of Iceland website at 08:30 hrs. today, 14 April 2021. The Bank’s Financial Stability report will then be published at 08:35 hrs. Beginning almost an hour later, at 9:30 hrs., will be a press conference on the statement and the contents of the Financial Stability report. At the press conference, which will be aired via webcast, Ásgeir Jónsson, Governor and Financial Stability Committee chair; Gunnar Jakobsson, Deputy Governor for Financial Stability and FSC vice-chair; and Haukur C. Benediktsson, Director of the Financial Stability Department will introduce...
The economic impact of the pandemic is still uncertain. Accommodative monetary and macroprudential policies and measures taken by the Government have supported households and businesses. Despite rising asset prices, cyclical systemic risk has not increased to any significant degree in the recent term. There is still some uncertainty about financial institutions’ loan quality and how much they will need to write off as a result of the pandemic. The Financial Stability Committee (FSN) therefore decided in late March to hold the countercyclical capital buffer on financial institutions unchanged at 0%. The three large commercial banks’ capital and liquidity are strong,...
Statement of the Financial Stability Committee and publication of Financial Stability report – tomorrow
A statement of the Financial Stability Committee will be published on the Central Bank of Iceland website at 08:30 hrs. tomorrow, 14 April 2021. The Bank’s Financial Stability report will then be published at 08:35 hrs. Beginning almost an hour later, at 9:30 hrs., will be a press conference on the statement and the contents of the Financial Stability report. At the press conference, which will be aired via webcast, Ásgeir Jónsson, Governor and Financial Stability Committee chair; Gunnar Jakobsson, Deputy Governor for Financial Stability and FSC vice-chair; and Haukur C. Benediktsson, Director of the Financial Stability Department will introduce...
The Central Bank of Iceland now publishes a separate balance sheet summary for Government credit funds, whereas these funds were previously included with the balance sheet summary for other financial corporations. This change has been made because of Statistics Iceland’s new classification of general government institutions and companies. Until now, only Part-A governmental institutions have been included under general government institutions in statistical reporting. Part-B and Part-C institutions have been classified under other economic sectors, according to their activities; for instance, as financial corporations or non-financial companies. Government credit fund data extend back to March 1992. Further information on the...
The address by Gylfi Magnússon, Chairman of the Supervisory Board of the Central Bank, at the Annual General Meeting has now been published on the Bank´s website. Address by Gylfi Magnusson at the AGM 2021 This news item was originally published by the Central Bank of Iceland (CB IS). For more information, please see the Source Link.
In accordance with the Monetary Policy Committee Rules of Procedure, the minutes of the Committee's most recent meeting have been published on the Bank's website. The minutes are published two weeks after the announcement of the Committee‘s decision. Accordingly, we have now published the minutes from the meeting of 22-23 March 2021, during which the Committee discussed economic and financial market developments, decisions on the application of the Bank’s monetary policy instruments, and the communication of those decisions on 24 March. The minutes can be found here: Minutes of the Central Bank of Iceland Monetary Policy Committee meeting 22-23 March 2021...
Ásgeir Jónsson, Governor of the Central Bank of Iceland, delivered a speech at the Bank's 60th Annual Meeting which took place live on the Bank's website. The Governor's speech can be accessed here: Governor Ásgeir Jónsson's speech at the Annual Meeting 2021 This news item was originally published by the Central Bank of Iceland (CB IS). For more information, please see the Source Link.
Regulator Name: Central Bank of Iceland
Abbreviation: CB IS
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The Securities and Exchange Commission today announced settled charges against S&P Dow Jones Indices LLC for failures relating to a previously undisclosed quality control feature of one of its volati
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Federal Reserve Board announces the third extension of a rule to bolster the effectiveness of the Small Business Administration’s Paycheck Protection Program (PPP)