Reduction in systemic risk buffer and increase in capital buffer for systemically important financial institutions
Published yesterday in the Law and Ministerial Gazette are new Central Bank of Iceland Rules on Systemic Risk Buffers for Financial Undertakings, no. 1414/2024, and new Rules on Capital Buffers for Systemically Important Financial Undertakings, no. 1415/2024. Both sets of rules were approved at a meeting of the Financial Stability Committee (FSN) on 3 December 2024.
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Minutes of the Monetary Policy Committee meeting of 18 and 19 November 2024
In accordance with the Monetary Policy Committee Rules of Procedure, the minutes of the Committee's most recent meeting have been published on the Bank's website. The minutes are published two weeks after the announcement of the Committee‘s decision.
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Statement of the Financial Stability Committee of the Central Bank of Iceland. December 2024
The Icelandic financial system is resilient. The systemically important banks’ capital and liquidity are strong, and they have ready access to market-based funding. High real interest rates, together with weaker growth in economic activity, could create challenges for the financial system in the coming term. Furthermore, elevated geopolitical risk could have unforeseen implications. As yet, there are few signs of arrears or financial distress among households and businesses.
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Statement of the Financial Stability Committee and webcast today
A statement of the Financial Stability Committee will be published on the Central Bank of Iceland website today, Wednesday 4 December, at 8:30 hrs. An hour later, at 9:30, a webcast from a press conference on the statement will be held. At the press conference Ásgeir Jónsson, Governor and Financial Stability Committee chair and Tómas Brynjólfsson, Deputy Governor for Financial Stability, will introduce and discuss the statement.
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Current account surplus 45.7 b.kr. in Q3 2024 – net IIP positive by 40.2% of GDP
The current account surplus measured 45.7 b.kr. in Q3/2024. There was a deficit on goods trade in the amount of 76 b.kr and a 140.5 b.kr. surplus on services trade. The net international investment position was positive by 1,793 b.kr., or 40.2% of GDP, and improved by 130 b.kr., or 2.9% of GDP, during the quarter.
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