Systemic Risk Committee

The Systemic Risk Committee, which works for the Financial Stability Council, prepares analyses and recommendations in accordance with Article 4 of the Act on the Financial Stability Council, no. 66/2014.

The Committee’s role is to evaluate the current situation and outlook for the financial system, as well as assessing systemic risk and financial stability, and then submit recommendations to the Financial Stability Council. The Committee meets at least four times a year, or more often if any member considers it necessary. The Committee adopts rules of procedure to be confirmed by the Financial Stability Council. 

The Systemic Risk Committee comprises five voting members:

  • Governor of the Central Bank, who chairs the Committee
  • Director General of the Financial Supervisory Authority, who acts as Deputy Chairman
  • Deputy Governor of the Central Bank
  • Deputy Director General of the Financial Supervisory Authority
  • One expert in the field of financial markets or economics, appointed by the Minister without nomination, for a term of five years.  

The Permanent Secretary of the Ministry or an appointed Ministry official also participates in Committee meetings as a non-voting member with the right to address the meeting and present proposals. The Director of the Central Bank’s Financial Stability Department and the Director of the Financial Supervisory Authority’s Oversight Department also attend and have the right to address the meetings. If voting at Committee meetings results in a tie, the vote of the Chairman shall be decisive.

Administrative matters relating to the Committee are in the hands of the Central Bank of Iceland, which handles recordkeeping and documentation.

The first meeting of the Systemic Risk Committee was held at the Central Bank of Iceland on 2 October 2014. The photograph, which includes Committee members and other attendees, was taken at that time.

 

From left: Harpa Jónsdóttir, Deputy Director of the Financial Stability Department, Central Bank of Iceland (Committee secretary); Jón Þór Sturluson, Deputy Director General, Financial Supervisory Authority; Sigríður Benediktsdóttir, Director of the Financial Stability Department and expert representative from the Central Bank of Iceland; Már Guðmundsson, Governor of the Central Bank of Iceland (chairman), Unnur Gunnarsdóttir, Director General of the Financial Supervisory Authority (deputy chairman); Arnór Sighvatsson, Deputy Governor of the Central Bank of Iceland; Guðmundur Árnason, Permanent Secretary at the Ministry of Finance and Economic Affairs; Björn Rúnar Guðmundsson, expert representative appointed by the Minister without nomination; and Lilja Rut Kristófersdóttir, Director of Oversight and expert representative from the Financial Supervisory Authority.