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No Reply from Iceland’s Central Bank Governors

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No Reply from Iceland’s Central Bank Governors

The Central Bank of Iceland’s three governors, Ingimundur Fridriksson, Eiríkur Gudnason and Davíd Oddsson, did not reply to the letter requesting their resignation from Prime Minister Jóhanna Sigurdardóttir yesterday, as she had asked them to.

Central Bank governors Eiríkur Gudnason (left) and Davíd Oddsson. Copyright: Icelandic Photo Agency.

Fridriksson told Fréttabladid that they would provide the PM with an answer “sooner or later,” explaining that they hadn’t been able to reply to her letter yesterday because Oddsson, who is also chairman of the board of governors, had been on a business trip in London and only returned around 5 pm yesterday.

Oddsson did not want to comment to journalists on the matter, who were waiting for an interview at Keflavík airport.

“We notified the prime minister’s office last night that an answer was not to be expected [that night] and it was met with understanding,” Fridriksson said.

Sigurdardóttir did not comment to Fréttabladid on her reaction to the notification.

Her government has submitted a bill to the Althingi parliament on amendments to the laws that apply to the Central Bank, which will be discussed at parliament today.

The bill proposes that the prime minister appoints one, but not three, Central Bank governor for seven years at a time after advertising the position. Applicants must have a master’s degree in economics and extensive experience and knowledge of monetary matters.

According to the bill, the same person can only be appointed Central Bank governor twice. If the governor requires a leave of absence, the prime minister can appoint a temporary substitute.

Click here to read more about this story.

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