The claimants of the collapsed Icelandic banks have agreed to the conditions introduced by the government of Iceland in order to guarantee economic stability when the capital controls—which have been in place since the banking collapse in 2008—will be lifted.
Prime Minister of Iceland Sigmundur Davíð Gunnlaugsson and Minister of Finance Bjarni Benediktsson presented a plan to lift capital controls—which have been in place since the banking collapse in October 2008—at a press conference at noon today.
The government of Iceland presented an action plan in 11 parts at a press conference this morning, aimed at expediting the design of new wage contracts and calming the current unrest in the labor market. The measures concern taxation, welfare and housing.
IceWhale, the whale watchers’ association of Iceland, strongly criticizes the fact that minke whale hunting has now begun again in Faxaflói bay, one of the most important whale watching areas in the country.
A report, commissioned by Prime Minister Sigmundur Davíð Gunnlaugsson, outlining the need for a fundamental reform of Iceland’s monetary system, was published today by Progressive Party MP and chair of the Alþingi parliament’s Committee for Economic Affairs and Trade Frosti Sigurjónsson.
Inflation in Iceland has run at an average of nearly 16 percent per year since it first started being measured.
The International Monetary Fund says Iceland needs to work to maintain financial stability during the removal of capital controls and to ensure inflation remains stable.
A new Icelandic documentary Íslenska krónan, features the Icelandic currency, its history current position and future prospects. Directed by Garðar Stefánsson and produced by Atli Bollason, it will be screened at Bíó Paradís cinema in Reykjavík starting this Sunday.
The combined profits of the three large commercial banks in Iceland, Landsbanki, Arion Banki (earlier Kaupþing) and Íslandsbanki (earlier Glitnir), was ISK 80 billion (USD 600 million, EUR 530 million) last year. Since the banking collapse in 2008, they’ve earned ISK 370 billion (USD 2.8 billion...
Minister for the Environment Sigrún Magnúsdóttir of the Progressive Party has stated that all the regulations Iceland must follow as part of the EEA Agreement have long been considered a hindrance by members of her party and suggests that the wording in the Icelandic translation of the EEA...
The migration pattern of capelin in Icelandic waters in the past weeks is highly unusual for this time of year; it has been largely unchanged since the Icelandic Marine Research Institute began studying the fish in the mid-1960s.
The rental prices for apartments in Reykjavík and neighboring towns has increased significantly in the past years. While rental prices have increased by 40 percent since 2011, the consumer price index has only increased by 16 percent in the same period.
Most respondents to a new MMR survey, 24.9 percent, said they trust the Pirate Party best to settle issues that have to do with the economic crisis that hit in 2008, such as leading an investigation into the banking collapse.
The average 12-month inflation in Iceland measures 0.8 percent. It’s the first time since 1998 that inflation drops below 1 percent. In the past three months, Iceland has seen a deflation by 0.3 percent, according to the latest update from Statistics Iceland.
The Economic Secretary to the Treasury, Andrea Leadsom, confirmed yesterday that the British government has recovered a further GBP 1.36 billion (ISK 264 billion, USD 2.14 billion, EUR 1.71 billion) from the Landsbanki estate in Iceland, which operated as Icesave in the UK, following its...
The EFTA Court ruled on Monday that it is not in compliance with the EU directive to base agreements for indexed consumer loans on zero percent inflation. Icelandic courts are to evaluate what effect the false information has had and what measures can be taken in response.
The Supreme Court of Iceland acquitted the City of Reykjavík from a more than ISK 1.8 billion (USD 14.5 million, EUR 11.7 million) claim made by Kaupþing Bank in November 2008 with a ruling announced on November 6.
Delegates of the Faroe Islands, Norway and the European Union will meet in Bergen, Norway, to discuss the division of the mackerel fishing quota, which has long been debated, next week. The three parties have reached an agreement between themselves. Iceland was not invited to the meeting.
The average write-off under the government’s debt cancelation plan, which aims to correct indexed mortgages for the effects of inflation in 2008 and 2009, will be ISK 1.35 million (USD 11,000, EUR 8,800) per household, as announced in a press conference this afternoon.
The Central Bank of Iceland cut its benchmark interest rate by 0.25 percentage points from 6 percent to 5.75 percent in the first cut since 2011 this morning.
Reykjanesbær municipality in Southwest Iceland, including Keflavík, is in debt by more than ISK 40 billion (USD 327 million, EUR 260 million), as revealed when a report by KPMG on the community’s finances was presented at a public meeting yesterday evening.
One of the biggest cases in which the Office of the Special Prosecutor in Iceland has filed charges, the result of extensive investigations of banking affairs following the economic crisis in 2008, opened in Reykjavík District Court on Wednesday.