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News - Credit Market

15.07.2010
FME: updated telephone information
The Financial Supervisory Authority in Iceland (FME) now has a new phone number: 520 3700. The fax number of FME has also changed and is 520 3727.
Read more
11.06.2010
The FME Annual Report 2009 is now available in English
The FME Annual Report 2009 is now available in English. The report discusses the fall of the Icelandic commercial banks in October 2008, government measures taken as a result of the bank crisis and the significant changes that occurred in the Icelandic financial market in the wake of the economic collapse.
Read more
14.08.2009
FME cases involving sanctions since the beginning of this year
Investigations into possible violations of laws regulating the financial market are a large part of the FME operations. If a violation is considered to have taken place, such cases can be concluded by administrative sanctions, settlement or referral to the prosecuting authorities. Following is an overview of the cases involving sanctions, which the FME has completed since the beginning of this year.
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20.07.2009
Financial instruments between the old and new banks to be issued no later than 14 August 2009
The Financial Supervisory Authority has decided that financial instruments on settlement in respect of the disposal of assets and liabilities of the old banks to the new banks shall be issued by the parties no later than 14 August 2009.
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03.07.2009
The Financial Supervisory Authority (FME) appoints an interim board for Sparisjódur Mýrarsýslu (SPM)
With reference to Art. 100a of Act No. 161/2002 on Financial Undertakings, as amended by Act No. 44/2009, the FME appoints a three-member interim board, which shall solely wield the authority that according to the law and the articles of association of the savings bank, would otherwise be wielded by the board and meeting of owners of initial capital
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15.06.2009
Final deadline issued to complete the terms of the financial instrument on settlement
It has proved necessary for the FME to postpone the final settlement between the new and old banks, as has been further specified in the FME decisions of 6 March 2009 and 15 May 2009. The latter decision stipulated that a decision on the final deadline be made no later than 15 June 2009.
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15.05.2009
Extended deadline to complete the preparation of terms of financial instruments
The Financial Supervisory Authority (FME) has decided to revisit its prior decisions on the disposal of assets and liabilities from the old banks to the new banks, to the extend to which they pertain to deadlines to complete the preparation of terms of financial instruments, which the new banks will issue to the old banks as repayment.
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24.04.2009
A description of the valuation process of the New Banks´ assets and liabilities
The Financial Supervisory Authority has put together a description of the chief assumptions and methodology behind the valuation of the assets and liabilities of the new banks. This description is intended to put the process into proper perspective and to give an explanation of what it consists of.
Read more
22.04.2009
Final conclusions of the valuation of the new banks now ready
Yesterday Deloitte LLP concluded the valuation of assets which were transferred from the old banks to create New Kaupthing Bank, NBI and Íslandsbanki. Today Oliver Wyman has reviewed the valuation for each bank and updated its appraisal. The valuation project has , therefore, been completed.
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16.04.2009
Consultants Deliver Valuations of New Banks' Assets
Deloitte LLP has concluded its provisional valuation of the assets transferred from the old banks to comprise the balance sheets of New Kaupthing Bank, NBI and Íslandsbanki. In tandem with this work, Oliver Wyman has reviewed the process for each individual bank. Both companies are now finalising the valuations, which are expected to be available in their ultimate form next week.
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03.04.2009
Gunnar T. Andersen recruited as the new Director General of the Financial Supervisory Authority (FME)
Gunnar T. Andersen has been recruited as the Director General of the FME. Mr. Andersen has been employed by the Icelandic Social Insurance Administration since 2006, first as the Head of Fraud Prevention and Control and then as Deputy Director General, Resource Development and Analysis.
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30.03.2009
The Depositors' and Investors' Guarantee Fund's obligation to pay compensations to depositors of Straumur-Burdaras Investment Bank hf.
On 9 March 2009 the FME assumed the powers of a meeting of the shareholders of Straumur- Burdaras Investment Bank hf., immediately suspended the Board in its entirety and appointed a Resolution Committee. The Resolution Committee made a decision of closing the bank that day.
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23.03.2009
The Government's Reorganization of the Network of Savings Banks
The Government announced plans on 21 March 2009 to reorganize Iceland's network of savings banks.
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23.03.2009
The Financial Supervisory Authority delays the transfer of deposits of Straumur-Burdarás Investment Bank hf.
The Financial Supervisory Authority has decided to delay the transfer of deposits of Straumur - Burdarás Investment Bank hf. to Íslandsbanki hf. due to technical difficulties. This is a complicated project, which is more time consuming than previously believed. For these reasons it is necessary to grant an extended deadline to complete the transfer of deposits and the issuance of promissory and collateral documents.
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17.03.2009
Decision on the disposal of deposits of Straumur - Burdarás Investment Bank hf.
The Financial Supervisory Authority (FME) has made a decision on the disposal of obligations of Straumur - Burdarás Investment Bank hf. in Iceland due to deposits in the headquarters of the bank in Iceland. Deposits will be allocated to Íslandsbanki hf. according to the balance and interest earned on the date of takeover with certain limitations specified in the decision.
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09.03.2009
The Icelandic Financial Supervisory Authority (FME) takes Control of Straumur-Burdaras Investment Bank hf.
The Icelandic Financial Supervisory Authority (FME) has on grounds of Act No. 125/2008, which was set in October 2008 because of special circumstances, taken control of the operations of Straumur-Burdaras Investment Bank hf. (Straumur). The FME has appointed a Resolution Committee which will take over all authority of the Board of Directors of Straumur.
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24.02.2009
Net asset valuation
The decision of The Financial Supervisory Authority (FME) of 9 January 2009 stated that the net asset valuation of NBI hf., New Glitnir Bank hf., and New Kaupthing Bank hf. could not be completed within the timeframe of the original decisions
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29.01.2009
The Valuation of the net assets of the New Banks
The Financial Supervisory Authority (FME) continues to make progress on the valuation of the net assets of the New Banks.
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29.01.2009
CESR Conference 23 February 2009
The Committee of European Securities Regulators (CESR) hosts a conference on 23 February 2009 in Paris on the subject "Preparing for the future: where to now for regulation in the field of securities".
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11.12.2008
Restructuring of the Icelandic banking sector
Currently meetings are ongoing between the creditors of the old banks and the Resolution Committees. These meetings include i.a. briefings on the process of reorganization of the banking system, the division of the banks and the valation of their assets.
Read more
14.11.2008
The provisional opening balance sheets of the three new banks
The Financial Supervisory Authority (FME) hereby publishes the opening balance sheets for New Glitnir Bank hf., New Kaupthing Bank hf. and NBI hf. These contain provisional figures which are subject to a revaluation which has already commenced.
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12.11.2008
The opening balance sheets of the three new banks
The FME would like to clarify that when it was decided, on the basis of Act No. 125/2008 dealing with unusual financial market circumstances, that three new banks founded by the State Treasury should take over a portion of the assets, rights and obligations of Landsbanki Íslands hf., Glitnir Bank hf. and Kaupthing Bank hf., particularly those related to the domestic operations of the banks, the board of each new bank was officially given a temporary opening balance sheet accompanied by a statement explaining how assets and liabilities on the balance sheets of the old bank had been divided. In this respect, all decisions of the FME have been published as stipulated by law.
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04.11.2008
The Depositors' and Investors' Guarantee Fund's obligation to pay compensations to wholesale depositors of Glitnir Bank hf.
On 31. October 2008, the Financial Supervisory Authority, Iceland (the FME) obtained confirmation that Glitnir Bank hf. had not been able on 3. October 2008 to render payment of certain wholesale deposits in the United Kingdom in accordance with applicable terms.
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30.10.2008
The Depositors' and Investors' Guarantee Fund's obligation to pay compensations to depositors of Kaupthing Bank hf.
On 9. October 2008, Kaupthing Edge webpage of Kaupþing banki hf. ("Kaupthing Bank") ceased to work. It is the opinion of the Financial Supervisory Authority, Iceland (the FME) that on the same day, Kaupthing Bank was unable to render payment of the amount customers demanded, of certain deposits, in accordance with applicable terms.
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27.10.2008
Landsbanki Íslands' hf. ability to render payment of deposits
On 6 October 2008, Landsbanki Íslands' hf. ("Landsbanki") Icesave websites ceased to work. It is the opinion of the Financial Supervisory Authority (the FME) that on the same day, Landsbanki was unable to render payment of the amount customers demanded, of certain deposits, in accordance with applicable terms.
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23.10.2008
Decisions due to Unusual Financial Market Circumstanses
All decisions regarding the actions of the Financial Supervisory Authority, Iceland (FME) that have been taken with reference to Act No. 125/2008, due to Unusual Financial Market Circumstances can now be found in chronologial order on the FME´s website, as shown below.
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22.10.2008
New Kaupthing Bank Takes Over Domestic Operations of Kaupthing banki hf.
The new bank takes over Kaupthing´s domestic assets to ensure provision of normal banking services and the safety of deposits in Iceland. Kaupthing´s international operations are separated. All Kaupthing´s domestic braches, call centres, ATM´s and internet banking will be open for business as usual.
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15.10.2008
New Glitnir Bank Takes Over Domestic Operations of Glitnir banki hf.
The new bank takes over Glitnir´s domestic assets to ensure provision of normal banking services and the safety of deposits in Iceland. Glitnir´s international operations are separated. All Glitnir´s domestic braches, call centres, ATM´s and internet banking will be open for business as usual.
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09.10.2008
New Landsbanki Takes Over Domestic Operations of Landsbanki Islands hf.
The new bank takes over Landsbanki´s domestic assets to ensure provision of normal banking services and the safety of deposits in Iceland. Landsbanki´s international operations are separated. All Landsbanki´s domestic braches, call centres, ATM´s and internet banking will be open for business as usual.
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09.10.2008
Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Kaupþing to ensure Continued Commercial Bank Operations in Iceland
Domestic deposits are fully guaranteed, as declared by the Government Kaupþing´s domestic branches, call centres, cash machines (ATMs) and internet operations will be open for business as usual The objective of the FME´s action is to guarantee a functioning domestic banking system
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07.10.2008
The Financial Supervisory Authority limits short selling activities
Due to extraordinary market circumstances, and to restore and maintain financial stability, the Financial Supervisory Authority has concluded to define the short selling of shares of certain Issuers as behaviour opposed to accepted market practices. As such, a person who behaves in such a manner may be found guilty of market abuse in accordance with Article 117 of the Act on Securities Transactions No. 108/2007.
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07.10.2008
Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Landsbanki to ensure Continued Commercial Bank Operations in Iceland
Domestic deposits are fully guaranteed, as declared by the Government. Landsbanki´s domestic branches, call centres, cash machines (ATMs) and internet operations will be open for business as usual. The objective of the FME´s action is to guarantee a functioning domestic banking system.
Read more
07.10.2008
Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Glitnir to ensure Continued Commercial Bank Operations in Iceland
Domestic deposits are fully guaranteed, as declared by the Government Glitnri´s domestic branches, call centres, cash machines (ATMs) and internet operations will be open for business as usual The objective of the FME´s action is to guarantee a functioning domestic banking system
Read more
06.10.2008
Temporary suspension from trading
The Financial Supervisory Authority has decided to temporarily suspend from trading on regulated market all financial instruments issued by Glitnir banki hf., Kaupþing banki hf., Landsbanki Íslands hf., Straumur-Burðarás fjárfestingarbanki hf., Spron hf. and Exista hf.
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03.10.2008
Guidelines on the Functions of Auditing Departments of Financial Undertakings
The Financial Supervisory Authority (FME) has issued Guidelines no. 3/2008 on the functions of auditing departments of financial undertakings. The Guidelines’ objective is to instruct the heads of auditing departments in financial undertakings how to best practice internal auditing. Internal audit is a part of the structure of financial undertakings and is an important element of their supervisory function.
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30.09.2008
Trading of financial instruments issued by Glitnir banki hf. restored
Pursuant to public announcements, regarding i.a. an agreement reached between Glitnir banki hf. (the issuer) and the Icelandic government to provide the issuer with new equity, it is the Financial Supervisory Authority‘s opinion that there is no longer the same threat of market disruption due to information asymmetry.
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29.09.2008
The Government of Iceland provides Glitnir with new equity
The Government of Iceland and the major shareholders of Glitnir, in cooperation with the Central Bank of Iceland and the Financial Supervisory Authority, have come to an agreement under which the Government will provide Glitnir with new equity.
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29.09.2008
Temporary suspension from trading
The Financial Supervisory Authority has decided to temporarily suspend from trading on regulated market all financial instruments issued by Glitnir banki hf.
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19.09.2008
News from FSA Iceland
Due to news of the insolvency of the American investment bank Lehman Brothers and the potential impact on financial systems across the world, the Financial Supervisory Authority in Iceland (FME) would like to disclose the following information:
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14.08.2008
Icelandic banks pass the FME stress test
The four largest commercial banks all pass the regular stress test of the Icelandic Financial Supervisory Authority (FME).
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03.06.2008
Guidelines on Best Practices for Managing Liquidity in Financial Undertakings
The Financial Supervisory Authority (FME) has issued Guidelines on Best Practices for Managing Liquidity in Financial Undertakings. The guidelines apply to both parent companies and consolidated financial institutions as applicable.
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28.05.2008
Defaults to depository institutions at the end of the 1st quarter of fiscal year 2008
The FME has processed figures showing defaults by borrowers of depository institutions at the end of the 1st quarter of fiscal year 2008 and comparable figures for the preceding quarters. In this analysis, default is defined as having amortisation and interest payments in arrears for more than one month. The default figures are total figures, i.e. stock of specific provisions has not been subtracted. This analysis presents the development of these default rates from year-end 2000. The data compiled does not include the subsidiaries of the banks.
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17.04.2008
Defaults to depository institutions at the end of the 4th quarter of fiscal year 2007
The FME has processed figures showing defaults by borrowers of depository institutions at the end of the 4th quarter of fiscal year 2007 and comparable figures for the preceding quarters. In this analysis, default is defined as having amortisation and interest payments in arrears for more than one month. The default figures are total figures, i.e. stock of specific provisions has not been subtracted. This analysis presents the development of these default rates from year-end 2000. The data compiled does not include the subsidiaries of the deposit indstitutions.
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22.02.2008
The Financial Supervisory Authority, Iceland grants Kreditkort an operating licence as a credit undertaking
The Financial Supervisory Authority, Iceland granted Kreditkort, Ármúla 28, Reykjavík, on February 22 2008, an operating licence as a credit undertaking, according to paragraph 1, point 3 of Article 4 of Act No. 161/2002 on Financial Undertakings.
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06.02.2008
Icelandic banks pass the FME stress test
The four largest commercial banks all pass the regular stress test of the Icelandic Supervisory Authority (FME).
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15.01.2008
Icelandic FSA director: The Icelandic financial market well equipped to weather the storm
"The foundations of the Icelandic commercial banks are sound and the Icelandic financial market is well equipped to weather the storm that is now shaking the international markets". This was the conclusion the director of the Iceland Financial Supervisory Authority, Mr. Jónas Fr. Jónsson at a meeting organized by Icelandic Investor Relation Association this morning. He furthermore stated that he could to a large extent agree with analysts from Credit Sights recently saying that the CDS spreads for the Icleandic banks did not give an accurate picture of their true standing, and that the risk associated with them has been exaggerated.
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20.12.2007
The FME Annual Report 2007 is now available in English
In the report the Financial Supervisory Authority (FME) provides an overview over the Icelandic Financial Markets in 2006-2007.
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18.12.2007
FME: Defaults to depository institutions at the end of the 3nd quarter 2007
The FME has processed figures showing defaults by borrowers of depository institutions at the end of the 3rd quarter of fiscal year 2007. The figures show that the ratio of aggregate defaults to loans has decreased by about 0.1% from 0.6% at the end of 1st and 2nd quarter 2007 to 0.5% at the end of the 3rd quarter 2007.
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14.12.2007
The FME rejects an application from FL Group hf. and Jötunn Holding ehf.
On 1 June 2007, the Financial Supervisory Authority (FME) received a joint application from FL Group hf. and Jötunn Holding ehf for a permission to exceed the qualifying holding threshold of 32.99%
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28.09.2007
The FME makes no remarks to NASDAQ acquisition of OMX Nordic Exchange
The Financial Supervisory Authority in Iceland (FME) announced 27 September that it makes no remarks regarding NASDAQ becoming an owner of a qualifying holding in OMX Nordic Exchange and the Icelandic Securities Depository.
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24.09.2007
Nordic Financial Crisis Exercise completed
The Nordic Financial Crisis Exercise of financial authorities in the Nordic and Baltic countries has been completed. The authorities participating on behalf of Iceland were the Financial Supervisory Authority (FME), the Central Bank of Iceland and the Ministry of Finance.
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11.09.2007
FME: Defaults to depository institutions at the end of the 2nd quarter 2006
The FME has processed figures showing defaults by borrowers of depository institutions at the end of the 2nd quarter of fiscal year 2007 and comparable figures for the preceding quarters.
Read more
30.08.2007
The FME grants Askar Capital an operating licence as an investment bank.
The Financial Supervisory Authority, Iceland has granted Askar Capital, an operating licence (authorisation) as an investment bank , according to Article 4 of Act No. 161/2002 on Financial Undertakings.
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29.08.2007
The FME grants Straumur-Burðarás Investment Bank an operating licence as a commercial bank
The Financial Supervisory Authority, Iceland granted Straumur-Burðarás Investment Bank, an operating licence (authorisation) as a commercial bank.
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23.08.2007
Icelandic banks pass the FME stress test
The three Icelandic commercial banks and Straumur Burdaras Investment bank, all pass the regular stress test of the Icelandic Supervisory Authority (FME).
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09.08.2007
Comment on the half-year results of the Icelandic Commercial Banks.
Comment from Jónas Fr. Jónsson, Director General of the FME, in relation to an article on the half-year results of the Icelandic Commercial banks in the Icelandic business paper Markaðurinn (The Market):
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07.08.2007
The Financial Services Authority in Iceland (FME) and the Dubai Financial Services Authority sign a MoU.
The Financial Services Authority in Iceland (FME) and the Financial Services Authority in Dubai (DFSA) have signed a Memorandum of Understanding (MoU).
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11.06.2007
The foreign expansion of the Icelandic banks to China
Around 50 persons attended a breakfast meeting held by the FME on the foreign expansion of the Icelandic Banks.
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11.06.2007
The FME signs a MoU with the China Banking Regulatory Commission
The FME signed a Memorandum of Understanding with the China Banking Regulatory Commission today.
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30.05.2007
Defaults by borrowers of depository institutions at end of 1st quarter 2007
The FME has processed figures showing defaults by borrowers of depository institutions at the end of the 1st quarter of fiscal year 2007 and comparable figures for the preceding quarters.
Read more
07.05.2007
Supervisory Disclosure
The FME has published information concerning the laws and regulations adopted in Iceland in the field of prudential regulation and supervision in accordance with the Committee of European Banking Supervisors (CEBS) guidelines on supervisory disclosure.
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20.04.2007
FME issues two new guidelines
The FME issues guidelines No. 1/2007 to promote a common framework for supervisory disclosure as well as guidelines No. 2/2007 on stress testing, concentration risk and interest rate risk.
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21.03.2007
Stress Test on capital ratio for the largest Icelandic banks e.o.y. 2006
The FME has calculated the effects of simultaneous shocks on capital ratios of the largest Icelandic banks as described in Rules No 530/2004, with later amendments.
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06.03.2007
FME: Defaults to depository institutions at the end of the 4th quarter 2006
The FME has processed figures showing defaults by borrowers of depository institutions at the end of the 4th quarter of fiscal year 2006 and comparable figures for the preceding quarters.
Read more
06.03.2007
Defaults to depository institutions at the end of the 4th quarter of fiscal year 2006
The FME has processed figures showing defaults by borrowers of depository institutions at the end of the 4th quarter of fiscal year 2006 and comparable figures for the preceding quarters.
Read more
22.02.2007
Guidelines regarding the establishment of rules of procedures by boards of directors of Financial Undertakings
The FME has published an English version of Guidelines no. 4/2006 regarding the establishment of rules of procedures by boards of directors of Financial Undertakings
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18.01.2007
Nordic Financial Crisis Simulation Exercise
During 2007 the finance ministries, the financial supervisors and the central banks of the Nordic and Baltic Countries will take part in a financial crisis simulation exercise.
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12.12.2006
The FME signs a Memorandum of Understanding with the Isle of Man Financial Supervision Commission
The purpose of the MoU is to strengthen cooperation and the exchange of information between the authorities.
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12.12.2006
The Annual report of FME for 2006 is now available in English
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09.12.2006
Consultation paper: Promotion of a common framework for supervisory disclosure
The FME has issued a consultation paper which includes guidelines to promote a common framework for supervisory disclosure.
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24.11.2006
FME: Defaults to depository institutions at the end of the 3rd quarter 2006
The FME has processed figures showing defaul by borrowers of depository institutions at the end of the 3rd quarter of fiscal year 2006 and comparable figures for the preceding quarters. In this analysis, default is defined as having amortisation and interest payments in arrears for more than one month.
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14.11.2006
The Annual Meeting of the FME 2006
Around 250 persons from the Icelandic financial community attended the annual meeting of the FME, which was held 7 November 2006.
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24.10.2006
The effects of simultaneous shocks on capital ratios of the largest Icelandic banks
The FME has calculated the effects of simultaneous shocks on capital ratios of the largest Icelandic banks as described in Rules No 530/2004, with later amendments.
Read more
14.09.2006
Defaults to depository institutions at the end of the 2nd quarter of fiscal year 2006
The FME has processed figures showing defaults by borrowers of depository institutions at the end of the 2nd quarter of fiscal year 2006 and comparable figures for the preceding quarters.
Read more
16.06.2006
Defaults to depository institutions at the end of the 1st quarter of fiscal year 2006
The FME has processed figures showing defaults by borrowers of depository institutions at the end of the 1st quarter of fiscal year 2006 and comparable figures for the preceding quarters.
Read more
25.04.2006
Stress Test
All Icelandic banks passed FME's stress test based on their financial position at year end 2005
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15.03.2006
Rules on FME criteria for assessing the exposure of financial undertakings and their capital adequacy
The FME has issued Rules No 177/2006 amending Rules on FME criteria for assessing the exposure of financial undertakings and decisions on capital adequacy ratios above the statutory minimum.
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28.02.2006
Defaults to depository institutions at the end of the 4th quarter of fiscal year 2005
The FME has processed figures showing defaults by borrowers of depository institutions at the end of the 4th quarter of fiscal year 2005 and comparable figures for the preceding quarters.
Read more
11.01.2006
Circular on article 27 of Rules on Solvency Ratio of Financial Undertakings
The FME sent out a circular to financial institutions dated 25 Nov. 2005 regarding article 27 of Rules on the Solvency Ratio of Financial Undertakings No. 530 of 30 June 2003.
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News - Pension Market

15.07.2010
FME: updated telephone information
The Financial Supervisory Authority in Iceland (FME) now has a new phone number: 520 3700. The fax number of FME has also changed and is 520 3727.
Read more
11.06.2010
The FME Annual Report 2009 is now available in English
The FME Annual Report 2009 is now available in English. The report discusses the fall of the Icelandic commercial banks in October 2008, government measures taken as a result of the bank crisis and the significant changes that occurred in the Icelandic financial market in the wake of the economic collapse.
Read more
17.09.2009
Status of pension funds in 2008
A report containing information from the annual financial statements of pension funds for the year 2008 is available at the Financial Supervisory Authority's (FME) webpage. There is also an excel file that contains statistical information from the report. The main results of the report are the following: The real rate of return is -21.78% above the consumer-price index, compared to 0.5% in 2007. Five-year average is 2.5% and ten-year average is 3%. These negative impacts on pension fund's earnings can be attributed to difficulties in domestic and foreign financial markets and especially the fall of the Icelandic commercial banks in October 2008.
Read more
14.08.2009
FME cases involving sanctions since the beginning of this year
Investigations into possible violations of laws regulating the financial market are a large part of the FME operations. If a violation is considered to have taken place, such cases can be concluded by administrative sanctions, settlement or referral to the prosecuting authorities. Following is an overview of the cases involving sanctions, which the FME has completed since the beginning of this year.
Read more
20.07.2009
Financial instruments between the old and new banks to be issued no later than 14 August 2009
The Financial Supervisory Authority has decided that financial instruments on settlement in respect of the disposal of assets and liabilities of the old banks to the new banks shall be issued by the parties no later than 14 August 2009.
Read more
03.07.2009
The Financial Supervisory Authority (FME) appoints an interim board for Sparisjódur Mýrarsýslu (SPM)
With reference to Art. 100a of Act No. 161/2002 on Financial Undertakings, as amended by Act No. 44/2009, the FME appoints a three-member interim board, which shall solely wield the authority that according to the law and the articles of association of the savings bank, would otherwise be wielded by the board and meeting of owners of initial capital
Read more
15.06.2009
Final deadline issued to complete the terms of the financial instrument on settlement
It has proved necessary for the FME to postpone the final settlement between the new and old banks, as has been further specified in the FME decisions of 6 March 2009 and 15 May 2009. The latter decision stipulated that a decision on the final deadline be made no later than 15 June 2009.
Read more
24.04.2009
A description of the valuation process of the New Banks´ assets and liabilities
The Financial Supervisory Authority has put together a description of the chief assumptions and methodology behind the valuation of the assets and liabilities of the new banks. This description is intended to put the process into proper perspective and to give an explanation of what it consists of.
Read more
22.04.2009
Final conclusions of the valuation of the new banks now ready
Yesterday Deloitte LLP concluded the valuation of assets which were transferred from the old banks to create New Kaupthing Bank, NBI and Íslandsbanki. Today Oliver Wyman has reviewed the valuation for each bank and updated its appraisal. The valuation project has , therefore, been completed.
Read more
03.04.2009
Gunnar T. Andersen recruited as the new Director General of the Financial Supervisory Authority (FME)
Gunnar T. Andersen has been recruited as the Director General of the FME. Mr. Andersen has been employed by the Icelandic Social Insurance Administration since 2006, first as the Head of Fraud Prevention and Control and then as Deputy Director General, Resource Development and Analysis.
Read more
30.03.2009
The Depositors' and Investors' Guarantee Fund's obligation to pay compensations to depositors of Straumur-Burdaras Investment Bank hf.
On 9 March 2009 the FME assumed the powers of a meeting of the shareholders of Straumur- Burdaras Investment Bank hf., immediately suspended the Board in its entirety and appointed a Resolution Committee. The Resolution Committee made a decision of closing the bank that day.
Read more
17.03.2009
Decision on the disposal of deposits of Straumur - Burdarás Investment Bank hf.
The Financial Supervisory Authority (FME) has made a decision on the disposal of obligations of Straumur - Burdarás Investment Bank hf. in Iceland due to deposits in the headquarters of the bank in Iceland. Deposits will be allocated to Íslandsbanki hf. according to the balance and interest earned on the date of takeover with certain limitations specified in the decision.
Read more
24.02.2009
Net asset valuation
The decision of The Financial Supervisory Authority (FME) of 9 January 2009 stated that the net asset valuation of NBI hf., New Glitnir Bank hf., and New Kaupthing Bank hf. could not be completed within the timeframe of the original decisions
Read more
29.01.2009
The Valuation of the net assets of the New Banks
The Financial Supervisory Authority (FME) continues to make progress on the valuation of the net assets of the New Banks.
Read more
11.12.2008
Restructuring of the Icelandic banking sector
Currently meetings are ongoing between the creditors of the old banks and the Resolution Committees. These meetings include i.a. briefings on the process of reorganization of the banking system, the division of the banks and the valation of their assets.
Read more
14.11.2008
The provisional opening balance sheets of the three new banks
The Financial Supervisory Authority (FME) hereby publishes the opening balance sheets for New Glitnir Bank hf., New Kaupthing Bank hf. and NBI hf. These contain provisional figures which are subject to a revaluation which has already commenced.
Read more
12.11.2008
The opening balance sheets of the three new banks
The FME would like to clarify that when it was decided, on the basis of Act No. 125/2008 dealing with unusual financial market circumstances, that three new banks founded by the State Treasury should take over a portion of the assets, rights and obligations of Landsbanki Íslands hf., Glitnir Bank hf. and Kaupthing Bank hf., particularly those related to the domestic operations of the banks, the board of each new bank was officially given a temporary opening balance sheet accompanied by a statement explaining how assets and liabilities on the balance sheets of the old bank had been divided. In this respect, all decisions of the FME have been published as stipulated by law.
Read more
30.10.2008
The Depositors' and Investors' Guarantee Fund's obligation to pay compensations to depositors of Kaupthing Bank hf.
On 9. October 2008, Kaupthing Edge webpage of Kaupþing banki hf. ("Kaupthing Bank") ceased to work. It is the opinion of the Financial Supervisory Authority, Iceland (the FME) that on the same day, Kaupthing Bank was unable to render payment of the amount customers demanded, of certain deposits, in accordance with applicable terms.
Read more
27.10.2008
Landsbanki Íslands' hf. ability to render payment of deposits
On 6 October 2008, Landsbanki Íslands' hf. ("Landsbanki") Icesave websites ceased to work. It is the opinion of the Financial Supervisory Authority (the FME) that on the same day, Landsbanki was unable to render payment of the amount customers demanded, of certain deposits, in accordance with applicable terms.
Read more
23.10.2008
Decisions due to Unusual Financial Market Circumstanses
All decisions regarding the actions of the Financial Supervisory Authority, Iceland (FME) that have been taken with reference to Act No. 125/2008, due to Unusual Financial Market Circumstances can now be found in chronologial order on the FME´s website, as shown below.
Read more
22.10.2008
New Kaupthing Bank Takes Over Domestic Operations of Kaupthing banki hf.
The new bank takes over Kaupthing´s domestic assets to ensure provision of normal banking services and the safety of deposits in Iceland. Kaupthing´s international operations are separated. All Kaupthing´s domestic braches, call centres, ATM´s and internet banking will be open for business as usual.
Read more
15.10.2008
New Glitnir Bank Takes Over Domestic Operations of Glitnir banki hf.
The new bank takes over Glitnir´s domestic assets to ensure provision of normal banking services and the safety of deposits in Iceland. Glitnir´s international operations are separated. All Glitnir´s domestic braches, call centres, ATM´s and internet banking will be open for business as usual.
Read more
09.10.2008
New Landsbanki Takes Over Domestic Operations of Landsbanki Islands hf.
The new bank takes over Landsbanki´s domestic assets to ensure provision of normal banking services and the safety of deposits in Iceland. Landsbanki´s international operations are separated. All Landsbanki´s domestic braches, call centres, ATM´s and internet banking will be open for business as usual.
Read more
09.10.2008
Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Kaupþing to ensure Continued Commercial Bank Operations in Iceland
Domestic deposits are fully guaranteed, as declared by the Government Kaupþing´s domestic branches, call centres, cash machines (ATMs) and internet operations will be open for business as usual The objective of the FME´s action is to guarantee a functioning domestic banking system
Read more
07.10.2008
Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Landsbanki to ensure Continued Commercial Bank Operations in Iceland
Domestic deposits are fully guaranteed, as declared by the Government. Landsbanki´s domestic branches, call centres, cash machines (ATMs) and internet operations will be open for business as usual. The objective of the FME´s action is to guarantee a functioning domestic banking system.
Read more
07.10.2008
Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Glitnir to ensure Continued Commercial Bank Operations in Iceland
Domestic deposits are fully guaranteed, as declared by the Government Glitnri´s domestic branches, call centres, cash machines (ATMs) and internet operations will be open for business as usual The objective of the FME´s action is to guarantee a functioning domestic banking system
Read more
26.08.2008
About 7% real increase in net assets for pension payments and 52% increase in premiums
A report containing information from the annual financial statements of pension funds for the year 2007 is available at the FME's webpage. There is also an excel file that contains statistical information from the report. The main results of the report are the following: The real rate of return was 0,5% above the consumer-price index, compared with 10% in 2006. Five-year average was 9,1% and ten-year average was 5,9%.
Read more
20.12.2007
The FME Annual Report 2007 is now available in English
In the report the Financial Supervisory Authority (FME) provides an overview over the Icelandic Financial Markets in 2006-2007.
Read more
24.09.2007
Nordic Financial Crisis Exercise completed
The Nordic Financial Crisis Exercise of financial authorities in the Nordic and Baltic countries has been completed. The authorities participating on behalf of Iceland were the Financial Supervisory Authority (FME), the Central Bank of Iceland and the Ministry of Finance.
Read more
01.08.2007
Foreign UCITS offering services in Iceland
More than thirty foreign UCITS with ca. 240 sub-funds have notified to the Financial Supercvicory Authority in Iceland their intentions to market their funds in Iceland.
Read more
12.12.2006
The FME signs a Memorandum of Understanding with the Isle of Man Financial Supervision Commission
The purpose of the MoU is to strengthen cooperation and the exchange of information between the authorities.
Read more
12.12.2006
The Annual report of FME for 2006 is now available in English
Read more
14.11.2006
The Annual Meeting of the FME 2006
Around 250 persons from the Icelandic financial community attended the annual meeting of the FME, which was held 7 November 2006.
Read more
28.09.2006
Article on the Icelandic Pension System, published in International Pension Funds and their Advisers
A new article on the Icelandic Pension System is now available at the FME website.
Read more
29.06.2006
Management companies to UCITSand investment funds 2005
Balance Sheets, Dec. 31. 2005, Profit and Loss Accounts 2005, and Diverse Figures From the Annual Accounts
Read more
25.05.2006
Pension Funds: Annual Accounts for 2004
Annual Accounts For 2004 and Other Information
Read more
25.05.2006
Pension Funds in Iceland 2004
Annual Accounts For 2004 and Other Information
Read more

 

News - Insurance Market

09.08.2010
New legislation on insurance activities
A new Act on insurance activities, No. 56/2010 (Lög um vátryggingastarfsemi), was recently enacted in Iceland to replace the earlier Act No. 60/1994. The Act covers direct insurance activities involving non-life insurance and personal insurance in addition to reinsurance of any kind; as before, supervision of insurance activities is entrusted to the Financial Supervisory Authority (FME).
Read more
15.07.2010
FME: updated telephone information
The Financial Supervisory Authority in Iceland (FME) now has a new phone number: 520 3700. The fax number of FME has also changed and is 520 3727.
Read more
11.06.2010
The FME Annual Report 2009 is now available in English
The FME Annual Report 2009 is now available in English. The report discusses the fall of the Icelandic commercial banks in October 2008, government measures taken as a result of the bank crisis and the significant changes that occurred in the Icelandic financial market in the wake of the economic collapse.
Read more
03.06.2010
Most Icelandic insurance companies show profit in 2009
The Financial Supervisory Authority of Iceland (FME) has published tables containing the annual accounts of insurance companies with a licence in Iceland and the result of insurance classes in 2009.
Read more
14.08.2009
FME cases involving sanctions since the beginning of this year
Investigations into possible violations of laws regulating the financial market are a large part of the FME operations. If a violation is considered to have taken place, such cases can be concluded by administrative sanctions, settlement or referral to the prosecuting authorities. Following is an overview of the cases involving sanctions, which the FME has completed since the beginning of this year.
Read more
20.07.2009
Financial instruments between the old and new banks to be issued no later than 14 August 2009
The Financial Supervisory Authority has decided that financial instruments on settlement in respect of the disposal of assets and liabilities of the old banks to the new banks shall be issued by the parties no later than 14 August 2009.
Read more
16.07.2009
The Results of the Insurance Market in Iceland 2008
The Financial Supervisory Authority of Iceland (FME) has published tables containing the annual accounts of insurance companies with a licence in Iceland and the result of insurance classes in 2008.
Read more
03.07.2009
The Financial Supervisory Authority (FME) appoints an interim board for Sparisjódur Mýrarsýslu (SPM)
With reference to Art. 100a of Act No. 161/2002 on Financial Undertakings, as amended by Act No. 44/2009, the FME appoints a three-member interim board, which shall solely wield the authority that according to the law and the articles of association of the savings bank, would otherwise be wielded by the board and meeting of owners of initial capital
Read more
15.06.2009
Final deadline issued to complete the terms of the financial instrument on settlement
It has proved necessary for the FME to postpone the final settlement between the new and old banks, as has been further specified in the FME decisions of 6 March 2009 and 15 May 2009. The latter decision stipulated that a decision on the final deadline be made no later than 15 June 2009.
Read more
24.04.2009
A description of the valuation process of the New Banks´ assets and liabilities
The Financial Supervisory Authority has put together a description of the chief assumptions and methodology behind the valuation of the assets and liabilities of the new banks. This description is intended to put the process into proper perspective and to give an explanation of what it consists of.
Read more
22.04.2009
Final conclusions of the valuation of the new banks now ready
Yesterday Deloitte LLP concluded the valuation of assets which were transferred from the old banks to create New Kaupthing Bank, NBI and Íslandsbanki. Today Oliver Wyman has reviewed the valuation for each bank and updated its appraisal. The valuation project has , therefore, been completed.
Read more
03.04.2009
Gunnar T. Andersen recruited as the new Director General of the Financial Supervisory Authority (FME)
Gunnar T. Andersen has been recruited as the Director General of the FME. Mr. Andersen has been employed by the Icelandic Social Insurance Administration since 2006, first as the Head of Fraud Prevention and Control and then as Deputy Director General, Resource Development and Analysis.
Read more
30.03.2009
The Depositors' and Investors' Guarantee Fund's obligation to pay compensations to depositors of Straumur-Burdaras Investment Bank hf.
On 9 March 2009 the FME assumed the powers of a meeting of the shareholders of Straumur- Burdaras Investment Bank hf., immediately suspended the Board in its entirety and appointed a Resolution Committee. The Resolution Committee made a decision of closing the bank that day.
Read more
17.03.2009
Decision on the disposal of deposits of Straumur - Burdarás Investment Bank hf.
The Financial Supervisory Authority (FME) has made a decision on the disposal of obligations of Straumur - Burdarás Investment Bank hf. in Iceland due to deposits in the headquarters of the bank in Iceland. Deposits will be allocated to Íslandsbanki hf. according to the balance and interest earned on the date of takeover with certain limitations specified in the decision.
Read more
24.02.2009
Net asset valuation
The decision of The Financial Supervisory Authority (FME) of 9 January 2009 stated that the net asset valuation of NBI hf., New Glitnir Bank hf., and New Kaupthing Bank hf. could not be completed within the timeframe of the original decisions
Read more
29.01.2009
The Valuation of the net assets of the New Banks
The Financial Supervisory Authority (FME) continues to make progress on the valuation of the net assets of the New Banks.
Read more
11.12.2008
Restructuring of the Icelandic banking sector
Currently meetings are ongoing between the creditors of the old banks and the Resolution Committees. These meetings include i.a. briefings on the process of reorganization of the banking system, the division of the banks and the valation of their assets.
Read more
14.11.2008
The provisional opening balance sheets of the three new banks
The Financial Supervisory Authority (FME) hereby publishes the opening balance sheets for New Glitnir Bank hf., New Kaupthing Bank hf. and NBI hf. These contain provisional figures which are subject to a revaluation which has already commenced.
Read more
12.11.2008
The opening balance sheets of the three new banks
The FME would like to clarify that when it was decided, on the basis of Act No. 125/2008 dealing with unusual financial market circumstances, that three new banks founded by the State Treasury should take over a portion of the assets, rights and obligations of Landsbanki Íslands hf., Glitnir Bank hf. and Kaupthing Bank hf., particularly those related to the domestic operations of the banks, the board of each new bank was officially given a temporary opening balance sheet accompanied by a statement explaining how assets and liabilities on the balance sheets of the old bank had been divided. In this respect, all decisions of the FME have been published as stipulated by law.
Read more
04.11.2008
The Depositors' and Investors' Guarantee Fund's obligation to pay compensations to wholesale depositors of Glitnir Bank hf.
On 31. October 2008, the Financial Supervisory Authority, Iceland (the FME) obtained confirmation that Glitnir Bank hf. had not been able on 3. October 2008 to render payment of certain wholesale deposits in the United Kingdom in accordance with applicable terms.
Read more
30.10.2008
The Depositors' and Investors' Guarantee Fund's obligation to pay compensations to depositors of Kaupthing Bank hf.
On 9. October 2008, Kaupthing Edge webpage of Kaupþing banki hf. ("Kaupthing Bank") ceased to work. It is the opinion of the Financial Supervisory Authority, Iceland (the FME) that on the same day, Kaupthing Bank was unable to render payment of the amount customers demanded, of certain deposits, in accordance with applicable terms.
Read more
27.10.2008
Landsbanki Íslands' hf. ability to render payment of deposits
On 6 October 2008, Landsbanki Íslands' hf. ("Landsbanki") Icesave websites ceased to work. It is the opinion of the Financial Supervisory Authority (the FME) that on the same day, Landsbanki was unable to render payment of the amount customers demanded, of certain deposits, in accordance with applicable terms.
Read more
23.10.2008
Decisions due to Unusual Financial Market Circumstanses
All decisions regarding the actions of the Financial Supervisory Authority, Iceland (FME) that have been taken with reference to Act No. 125/2008, due to Unusual Financial Market Circumstances can now be found in chronologial order on the FME´s website, as shown below.
Read more
22.10.2008
New Kaupthing Bank Takes Over Domestic Operations of Kaupthing banki hf.
The new bank takes over Kaupthing´s domestic assets to ensure provision of normal banking services and the safety of deposits in Iceland. Kaupthing´s international operations are separated. All Kaupthing´s domestic braches, call centres, ATM´s and internet banking will be open for business as usual.
Read more
15.10.2008
New Glitnir Bank Takes Over Domestic Operations of Glitnir banki hf.
The new bank takes over Glitnir´s domestic assets to ensure provision of normal banking services and the safety of deposits in Iceland. Glitnir´s international operations are separated. All Glitnir´s domestic braches, call centres, ATM´s and internet banking will be open for business as usual.
Read more
09.10.2008
New Landsbanki Takes Over Domestic Operations of Landsbanki Islands hf.
The new bank takes over Landsbanki´s domestic assets to ensure provision of normal banking services and the safety of deposits in Iceland. Landsbanki´s international operations are separated. All Landsbanki´s domestic braches, call centres, ATM´s and internet banking will be open for business as usual.
Read more
09.10.2008
Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Kaupþing to ensure Continued Commercial Bank Operations in Iceland
Domestic deposits are fully guaranteed, as declared by the Government Kaupþing´s domestic branches, call centres, cash machines (ATMs) and internet operations will be open for business as usual The objective of the FME´s action is to guarantee a functioning domestic banking system
Read more
07.10.2008
The Financial Supervisory Authority limits short selling activities
Due to extraordinary market circumstances, and to restore and maintain financial stability, the Financial Supervisory Authority has concluded to define the short selling of shares of certain Issuers as behaviour opposed to accepted market practices. As such, a person who behaves in such a manner may be found guilty of market abuse in accordance with Article 117 of the Act on Securities Transactions No. 108/2007.
Read more
07.10.2008
Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Landsbanki to ensure Continued Commercial Bank Operations in Iceland
Domestic deposits are fully guaranteed, as declared by the Government. Landsbanki´s domestic branches, call centres, cash machines (ATMs) and internet operations will be open for business as usual. The objective of the FME´s action is to guarantee a functioning domestic banking system.
Read more
07.10.2008
Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Glitnir to ensure Continued Commercial Bank Operations in Iceland
Domestic deposits are fully guaranteed, as declared by the Government Glitnri´s domestic branches, call centres, cash machines (ATMs) and internet operations will be open for business as usual The objective of the FME´s action is to guarantee a functioning domestic banking system
Read more
18.09.2008
The Financial Supervisory Authority in Iceland and the Insurance Authority of the Faroe Islands have signed MoU.
The Financial Supervisory Authority in Iceland and the Insurance Authority of the Faroe Islands have signed a Memorandum of Understanding (MoU).
Read more
20.06.2008
FME: Total profit of insurance companies was 13.5 bn. ISK in 2007
The total after tax profit of domestic insurance companies was 13.5 bn. ISK in 2007 compared to 19.5 bn. ISK in 2006. Around 70% of the profit stems from financial activities. However, the profit from financial activities decreased with 8 bn. ISK compared to 2006 and 17 bn. ISK compared to 2005.
Read more
11.06.2008
Approval of FL Group hf. (FL Group) application for qualified holding in Tryggingamiðstöðin hf. (TM)
The Financial Supervisory Authority has approved FL Group hf. application to exceed the qualified holding threshold of 50% in Tryggingamiðstöðin hf. (TM).
Read more
20.12.2007
The FME Annual Report 2007 is now available in English
In the report the Financial Supervisory Authority (FME) provides an overview over the Icelandic Financial Markets in 2006-2007.
Read more
24.09.2007
Nordic Financial Crisis Exercise completed
The Nordic Financial Crisis Exercise of financial authorities in the Nordic and Baltic countries has been completed. The authorities participating on behalf of Iceland were the Financial Supervisory Authority (FME), the Central Bank of Iceland and the Ministry of Finance.
Read more
17.08.2007
The financial results of the Icelandic insurance companies in 2006
The profits of the Icelandic non-life insurance companies was about 19,5 billion ISK in 2006 compared to 20,2 billion ISK in 2005.
Read more
18.06.2007
Article on the Icelandic insurance market
For the last 20 years there have been dramatic changes in the insurance market in Iceland. The number of domestic insurance companies has decreased. Competition has increased.
Read more
12.12.2006
The FME signs a Memorandum of Understanding with the Isle of Man Financial Supervision Commission
The purpose of the MoU is to strengthen cooperation and the exchange of information between the authorities.
Read more
12.12.2006
The Annual report of FME for 2006 is now available in English
Read more
14.11.2006
The Annual Meeting of the FME 2006
Around 250 persons from the Icelandic financial community attended the annual meeting of the FME, which was held 7 November 2006.
Read more
22.09.2006
Information on premiums and total market share of foreign EEA insurance companies in Iceland 2001-2004
FME has published statistical data on foreign EEA insurance companies' operations in the Icelandic market.
Read more
20.06.2006
FME has issued Guidelines No. 3/2006 on prudential filters regarding the implications of the introduction of IFRS on the solvency of insurance undertakings
The Guidelines are directed to insurance companies which already have implemented or will in the future implement IFRS.
Read more
19.05.2006
CEIOPS Second Quantitative Impact Study (QIS2)
FME has asked insurance companies to participate in QIS2, in order to acquire insight into the impact of Solvency II, the new solvency and supervisory standard in preparation by the European Commission, with the advice of CEIOPS.
Read more
29.03.2006
Circular regarding Article 82 in the Insurance Contract Law no. 30/2004
Circular regarding Article 82 in the Insurance Contract Law no. 30/2004 on obligation of the policyholder and insured to provide information on the risk, restrictions on information provision.
Read more
28.03.2006
Consultation Paper No. 1/2006
FME releases today Consultation Paper No. 1/2006, a draft Guidance on the treatment of changes in insurance companies' own funds and liabilities, as a consequence of the take up of International Financial Reporting Standards (IFRS).
Read more

 

News - Securities Market

15.07.2010
FME: updated telephone information
The Financial Supervisory Authority in Iceland (FME) now has a new phone number: 520 3700. The fax number of FME has also changed and is 520 3727.
Read more
11.06.2010
The FME Annual Report 2009 is now available in English
The FME Annual Report 2009 is now available in English. The report discusses the fall of the Icelandic commercial banks in October 2008, government measures taken as a result of the bank crisis and the significant changes that occurred in the Icelandic financial market in the wake of the economic collapse.
Read more
14.08.2009
FME cases involving sanctions since the beginning of this year
Investigations into possible violations of laws regulating the financial market are a large part of the FME operations. If a violation is considered to have taken place, such cases can be concluded by administrative sanctions, settlement or referral to the prosecuting authorities. Following is an overview of the cases involving sanctions, which the FME has completed since the beginning of this year.
Read more
20.07.2009
Financial instruments between the old and new banks to be issued no later than 14 August 2009
The Financial Supervisory Authority has decided that financial instruments on settlement in respect of the disposal of assets and liabilities of the old banks to the new banks shall be issued by the parties no later than 14 August 2009.
Read more
03.07.2009
The Financial Supervisory Authority (FME) appoints an interim board for Sparisjódur Mýrarsýslu (SPM)
With reference to Art. 100a of Act No. 161/2002 on Financial Undertakings, as amended by Act No. 44/2009, the FME appoints a three-member interim board, which shall solely wield the authority that according to the law and the articles of association of the savings bank, would otherwise be wielded by the board and meeting of owners of initial capital
Read more
15.06.2009
Final deadline issued to complete the terms of the financial instrument on settlement
It has proved necessary for the FME to postpone the final settlement between the new and old banks, as has been further specified in the FME decisions of 6 March 2009 and 15 May 2009. The latter decision stipulated that a decision on the final deadline be made no later than 15 June 2009.
Read more
24.04.2009
A description of the valuation process of the New Banks´ assets and liabilities
The Financial Supervisory Authority has put together a description of the chief assumptions and methodology behind the valuation of the assets and liabilities of the new banks. This description is intended to put the process into proper perspective and to give an explanation of what it consists of.
Read more
22.04.2009
Final conclusions of the valuation of the new banks now ready
Yesterday Deloitte LLP concluded the valuation of assets which were transferred from the old banks to create New Kaupthing Bank, NBI and Íslandsbanki. Today Oliver Wyman has reviewed the valuation for each bank and updated its appraisal. The valuation project has , therefore, been completed.
Read more
03.04.2009
Gunnar T. Andersen recruited as the new Director General of the Financial Supervisory Authority (FME)
Gunnar T. Andersen has been recruited as the Director General of the FME. Mr. Andersen has been employed by the Icelandic Social Insurance Administration since 2006, first as the Head of Fraud Prevention and Control and then as Deputy Director General, Resource Development and Analysis.
Read more
30.03.2009
The Depositors' and Investors' Guarantee Fund's obligation to pay compensations to depositors of Straumur-Burdaras Investment Bank hf.
On 9 March 2009 the FME assumed the powers of a meeting of the shareholders of Straumur- Burdaras Investment Bank hf., immediately suspended the Board in its entirety and appointed a Resolution Committee. The Resolution Committee made a decision of closing the bank that day.
Read more
23.03.2009
The Government's Reorganization of the Network of Savings Banks
The Government announced plans on 21 March 2009 to reorganize Iceland's network of savings banks.
Read more
23.03.2009
The Financial Supervisory Authority delays the transfer of deposits of Straumur-Burdarás Investment Bank hf.
The Financial Supervisory Authority has decided to delay the transfer of deposits of Straumur - Burdarás Investment Bank hf. to Íslandsbanki hf. due to technical difficulties. This is a complicated project, which is more time consuming than previously believed. For these reasons it is necessary to grant an extended deadline to complete the transfer of deposits and the issuance of promissory and collateral documents.
Read more
17.03.2009
Decision on the disposal of deposits of Straumur - Burdarás Investment Bank hf.
The Financial Supervisory Authority (FME) has made a decision on the disposal of obligations of Straumur - Burdarás Investment Bank hf. in Iceland due to deposits in the headquarters of the bank in Iceland. Deposits will be allocated to Íslandsbanki hf. according to the balance and interest earned on the date of takeover with certain limitations specified in the decision.
Read more
24.02.2009
Net asset valuation
The decision of The Financial Supervisory Authority (FME) of 9 January 2009 stated that the net asset valuation of NBI hf., New Glitnir Bank hf., and New Kaupthing Bank hf. could not be completed within the timeframe of the original decisions
Read more
29.01.2009
The Valuation of the net assets of the New Banks
The Financial Supervisory Authority (FME) continues to make progress on the valuation of the net assets of the New Banks.
Read more
29.01.2009
CESR Conference 23 February 2009
The Committee of European Securities Regulators (CESR) hosts a conference on 23 February 2009 in Paris on the subject "Preparing for the future: where to now for regulation in the field of securities".
Read more
11.12.2008
Restructuring of the Icelandic banking sector
Currently meetings are ongoing between the creditors of the old banks and the Resolution Committees. These meetings include i.a. briefings on the process of reorganization of the banking system, the division of the banks and the valation of their assets.
Read more
08.12.2008
Trading restored
The Financial Supervisory Authority (the FME) has decided to restore the trading of financial instruments issued by Exista hf., and Straumur-Burðarás fjárfestingarbanki hf., on the regulated market, as of the 9th of December 2008.
Read more
14.11.2008
The provisional opening balance sheets of the three new banks
The Financial Supervisory Authority (FME) hereby publishes the opening balance sheets for New Glitnir Bank hf., New Kaupthing Bank hf. and NBI hf. These contain provisional figures which are subject to a revaluation which has already commenced.
Read more
12.11.2008
The opening balance sheets of the three new banks
The FME would like to clarify that when it was decided, on the basis of Act No. 125/2008 dealing with unusual financial market circumstances, that three new banks founded by the State Treasury should take over a portion of the assets, rights and obligations of Landsbanki Íslands hf., Glitnir Bank hf. and Kaupthing Bank hf., particularly those related to the domestic operations of the banks, the board of each new bank was officially given a temporary opening balance sheet accompanied by a statement explaining how assets and liabilities on the balance sheets of the old bank had been divided. In this respect, all decisions of the FME have been published as stipulated by law.
Read more
04.11.2008
The Depositors' and Investors' Guarantee Fund's obligation to pay compensations to wholesale depositors of Glitnir Bank hf.
On 31. October 2008, the Financial Supervisory Authority, Iceland (the FME) obtained confirmation that Glitnir Bank hf. had not been able on 3. October 2008 to render payment of certain wholesale deposits in the United Kingdom in accordance with applicable terms.
Read more
30.10.2008
The Depositors' and Investors' Guarantee Fund's obligation to pay compensations to depositors of Kaupthing Bank hf.
On 9. October 2008, Kaupthing Edge webpage of Kaupþing banki hf. ("Kaupthing Bank") ceased to work. It is the opinion of the Financial Supervisory Authority, Iceland (the FME) that on the same day, Kaupthing Bank was unable to render payment of the amount customers demanded, of certain deposits, in accordance with applicable terms.
Read more
27.10.2008
Landsbanki Íslands' hf. ability to render payment of deposits
On 6 October 2008, Landsbanki Íslands' hf. ("Landsbanki") Icesave websites ceased to work. It is the opinion of the Financial Supervisory Authority (the FME) that on the same day, Landsbanki was unable to render payment of the amount customers demanded, of certain deposits, in accordance with applicable terms.
Read more
23.10.2008
Decisions due to Unusual Financial Market Circumstanses
All decisions regarding the actions of the Financial Supervisory Authority, Iceland (FME) that have been taken with reference to Act No. 125/2008, due to Unusual Financial Market Circumstances can now be found in chronologial order on the FME´s website, as shown below.
Read more
22.10.2008
New Kaupthing Bank Takes Over Domestic Operations of Kaupthing banki hf.
The new bank takes over Kaupthing´s domestic assets to ensure provision of normal banking services and the safety of deposits in Iceland. Kaupthing´s international operations are separated. All Kaupthing´s domestic braches, call centres, ATM´s and internet banking will be open for business as usual.
Read more
15.10.2008
New Glitnir Bank Takes Over Domestic Operations of Glitnir banki hf.
The new bank takes over Glitnir´s domestic assets to ensure provision of normal banking services and the safety of deposits in Iceland. Glitnir´s international operations are separated. All Glitnir´s domestic braches, call centres, ATM´s and internet banking will be open for business as usual.
Read more
09.10.2008
New Landsbanki Takes Over Domestic Operations of Landsbanki Islands hf.
The new bank takes over Landsbanki´s domestic assets to ensure provision of normal banking services and the safety of deposits in Iceland. Landsbanki´s international operations are separated. All Landsbanki´s domestic braches, call centres, ATM´s and internet banking will be open for business as usual.
Read more
09.10.2008
Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Kaupþing to ensure Continued Commercial Bank Operations in Iceland
Domestic deposits are fully guaranteed, as declared by the Government Kaupþing´s domestic branches, call centres, cash machines (ATMs) and internet operations will be open for business as usual The objective of the FME´s action is to guarantee a functioning domestic banking system
Read more
07.10.2008
The Financial Supervisory Authority limits short selling activities
Due to extraordinary market circumstances, and to restore and maintain financial stability, the Financial Supervisory Authority has concluded to define the short selling of shares of certain Issuers as behaviour opposed to accepted market practices. As such, a person who behaves in such a manner may be found guilty of market abuse in accordance with Article 117 of the Act on Securities Transactions No. 108/2007.
Read more
07.10.2008
Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Landsbanki to ensure Continued Commercial Bank Operations in Iceland
Domestic deposits are fully guaranteed, as declared by the Government. Landsbanki´s domestic branches, call centres, cash machines (ATMs) and internet operations will be open for business as usual. The objective of the FME´s action is to guarantee a functioning domestic banking system.
Read more
07.10.2008
Based on New Legislation, the Icelandic Financial Supervisory Authority (FME) Proceeds to take Control of Glitnir to ensure Continued Commercial Bank Operations in Iceland
Domestic deposits are fully guaranteed, as declared by the Government Glitnri´s domestic branches, call centres, cash machines (ATMs) and internet operations will be open for business as usual The objective of the FME´s action is to guarantee a functioning domestic banking system
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06.10.2008
Temporary suspension from trading
The Financial Supervisory Authority has decided to temporarily suspend from trading on regulated market all financial instruments issued by Glitnir banki hf., Kaupþing banki hf., Landsbanki Íslands hf., Straumur-Burðarás fjárfestingarbanki hf., Spron hf. and Exista hf.
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03.10.2008
Guidelines on the Functions of Auditing Departments of Financial Undertakings
The Financial Supervisory Authority (FME) has issued Guidelines no. 3/2008 on the functions of auditing departments of financial undertakings. The Guidelines’ objective is to instruct the heads of auditing departments in financial undertakings how to best practice internal auditing. Internal audit is a part of the structure of financial undertakings and is an important element of their supervisory function.
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30.09.2008
Trading of financial instruments issued by Glitnir banki hf. restored
Pursuant to public announcements, regarding i.a. an agreement reached between Glitnir banki hf. (the issuer) and the Icelandic government to provide the issuer with new equity, it is the Financial Supervisory Authority‘s opinion that there is no longer the same threat of market disruption due to information asymmetry.
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29.09.2008
The Government of Iceland provides Glitnir with new equity
The Government of Iceland and the major shareholders of Glitnir, in cooperation with the Central Bank of Iceland and the Financial Supervisory Authority, have come to an agreement under which the Government will provide Glitnir with new equity.
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29.09.2008
Temporary suspension from trading
The Financial Supervisory Authority has decided to temporarily suspend from trading on regulated market all financial instruments issued by Glitnir banki hf.
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07.02.2008
Central Storage Facility System - OAM
According to the Act on Securities Transactions no. 108/2007, the Financial Supervisory Authority shall store information made public under the provisions of Chapters VII, VIII and IX by electronic means in a mechanism for central storage.
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15.01.2008
Icelandic FSA director: The Icelandic financial market well equipped to weather the storm
"The foundations of the Icelandic commercial banks are sound and the Icelandic financial market is well equipped to weather the storm that is now shaking the international markets". This was the conclusion the director of the Iceland Financial Supervisory Authority, Mr. Jónas Fr. Jónsson at a meeting organized by Icelandic Investor Relation Association this morning. He furthermore stated that he could to a large extent agree with analysts from Credit Sights recently saying that the CDS spreads for the Icleandic banks did not give an accurate picture of their true standing, and that the risk associated with them has been exaggerated.
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14.01.2008
OMX to service the national OAM in Iceland
OMX, a leading expert in the exchange industry, has signed an agreement with the lcelandic Financial Supervisory Authority on providing them with software for the Officially Appointed Mechanism (OAM) for the central storage of regulated information in Iceland. OMX Nordic Exchange Iceland will service the OAM responding to the objectives of the European Union's Transparency Directive. All regulated information published by issuers of securities , as prescribed by law, will be archived in the central storage, which will go live February 1st 2008.
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20.12.2007
The FME Annual Report 2007 is now available in English
In the report the Financial Supervisory Authority (FME) provides an overview over the Icelandic Financial Markets in 2006-2007.
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13.11.2007
The FME makes no remarks to Borse Dubai acquisition of OMX Nordic Exchange
The Financial Supervisory Authority in Iceland (FME) announced 12 November that it makes no remarks regarding Borse Dubai becoming an owner of a qualifying holding in OMX Nordic Exchange and the Icelandic Securities Depository.
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28.09.2007
The FME makes no remarks to NASDAQ acquisition of OMX Nordic Exchange
The Financial Supervisory Authority in Iceland (FME) announced 27 September that it makes no remarks regarding NASDAQ becoming an owner of a qualifying holding in OMX Nordic Exchange and the Icelandic Securities Depository.
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24.09.2007
Nordic Financial Crisis Exercise completed
The Nordic Financial Crisis Exercise of financial authorities in the Nordic and Baltic countries has been completed. The authorities participating on behalf of Iceland were the Financial Supervisory Authority (FME), the Central Bank of Iceland and the Ministry of Finance.
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30.08.2007
CESR Press Release:
CESR publishes second set of guidance on the implementation of the Market Abuse Directive.
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12.12.2006
The FME signs a Memorandum of Understanding with the Isle of Man Financial Supervision Commission
The purpose of the MoU is to strengthen cooperation and the exchange of information between the authorities.
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12.12.2006
The Annual report of FME for 2006 is now available in English
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02.12.2006
Electronic delivery of lists on insiders
40 compliance officers and computer specialists from issuers of securities listed on the Iceland Stock Exchange (ICEX) attend a seminar at the FME on a new application on submission of insider lists.
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17.11.2006
The Market Abuse Directive – draft proposal
The Financial Supervisory Authority in Iceland (FME) has participated in the work of the Committee of European Securities Regulators (CESR).
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14.11.2006
The Annual Meeting of the FME 2006
Around 250 persons from the Icelandic financial community attended the annual meeting of the FME, which was held 7 November 2006.
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01.07.2006
CESR publishes its final guidelines on the simplification of the cross-border notification procedure of UCITS
CESR (The Committee of European Securities Regulators) publishes its final guidelines on the simplification of the cross-border notification procedure of UCITS
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30.06.2006
Undertakings engaged in Security services, 2005
Balance Sheets, Dec. 31. 2005, Profit and Loss Accounts 2005, and Diverse Figures From the Annual Accounts
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29.06.2006
Management companies to UCITSand investment funds 2005
Balance Sheets, Dec. 31. 2005, Profit and Loss Accounts 2005, and Diverse Figures From the Annual Accounts
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04.04.2006
Guidelines on the use of financial derivatives instruments for undertakings fo investment in transferable securities
The Financial Supervisory Authority has on 30th of March 2006 set guidelines on the use of financial derivatives instruments for undertakings for collective investment in transferable securities.
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15.03.2006
Rules on FME criteria for assessing the exposure of financial undertakings and their capital adequacy
The FME has issued Rules No 177/2006 amending Rules on FME criteria for assessing the exposure of financial undertakings and decisions on capital adequacy ratios above the statutory minimum.
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The Financial Supervisory Authority - Iceland (FME) - Suðurlandsbraut 32 - 108 Reykjavík - Phone: +354 520 3700 - Fax: +354 520 3727 - email: fme@fme.is
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