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Iceland’s Central Bank Bill Passed by Committee

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Iceland’s Central Bank Bill Passed by Committee

The Althingi parliament’s trade committee passed the government’s bill on changes to the senior management of the Central Bank last night. It will be up for a final round of discussions at parliament today and could take legal effect already tomorrow.

Inside the Althingi parliament. Copyright: Icelandic Photo Agency.

“Substantial discussions are completed so I expect the bill to be passed [today]; it is now in the hands of the parliament,” Álfheidur Ingadóttir, chairwoman of the trade committee, told Morgunbladid.

One change was made to the bill after a report from the European Union on financial markets was released to parliament yesterday: The monetary policy committee is obligated to issue warnings if there are signals that the stability of the financial system might be in danger.

Birgir Ármannsson, representative of the Independence Party on the committee, said he didn’t expect long discussions about the bill today since the time for speeches is limited in the third round. “We will express certain views but there won’t be any filibuster.”

Ármannsson said he has several points of criticism on the content and treatment of the bill. “The trade committee’s handling of the bill is in my opinion scandalous.”

Click here to read more about the controversy surrounding the Central Bank bill and here to read speculations on who will be appointed as the new interim Central Bank governor.

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