Agreements and collaborators

The Central Bank of Iceland collaborates with various institutions domestically and abroad. The Bank operates under the auspices of the Ministry of Economic Affairs (see the Act on the Central Bank of Iceland) but collaborates closely with the Ministry of Finance as well. The Central Bank also has dealings with Alþingi, the Parliament of Iceland, which selects the Supervisory Board that supervises the Bank’s operations. Furthermore, the Bank collaborates with a number of other domestic parties for the purpose of data gathering, information disclosure, and reporting on economic, monetary, and foreign exchange affairs in Iceland. These parties include Statistics Iceland and a number of other participants in the financial market, the labour market, and the business sector.

The Financial Supervisory Authority of the Central Bank of Iceland (FSA) collaborates actively with sister agencies in Norway, Sweden, Finland, and Denmark and has a permanent auditing representative to the following supervisory institutions: the European Banking Authority (EBA), which handles banking system supervision; the European Insurance and Occupational Pensions Authority (EIOPA), which conducts supervision of insurance companies and pension funds; and the European Securities and Markets Authority (ESMA), which supervises the securities market. It is also a member of the International Association of Insurance Supervisors (IAIS), the International Organization of Securities Commissions (IOSCO), the Financial Action Task Force on Money Laundering (FATF), and the Nordic-Baltic Stability Group (NBSG).

The Central Bank of Iceland functions as a sort of foreign financial affairs ministry for Iceland. The Bank represents Iceland at the International Monetary Fund (IMF) and the Bank for International Settlements (BIS) in Basel, Switzerland. Its staff members also communicate regularly with central bank staff in the other Nordic countries and elsewhere in Europe, as well as with the European Central Bank and a number of other central banks around the world. In addition, the Bank’s staff communicates with numerous commercial banks in large financial markets.