12 February 2002

New committed credit line for the Central Bank of Iceland

On February 11, 2002, the Central Bank of Iceland signed an agreement with the Union Bank of Norway on a USD 200 million committed revolving credit facility. The facility has a maturity of five years. It supplements other committed credit facilities of the Central Bank which now amount to a total of roughly USD 900 million, virtually all of them undrawn.

The facility serves as a backup for the currency reserves of the Central Bank and further strengthens the Bank's external position.


Nr. 2/2002
February 12, 2002