16 October 2012

Special Publication no. 8: Financial Stability

In 2011, the Central Bank of Iceland engaged Sir Andrew Large to conduct an appraisal of the role of central banks in financial stability, particularly as regards organisation. He was asked to take into account the collapse of the Icelandic financial system and the global economic turmoil. He also considered the public discourse on these issues and the changes currently underway around the world.

His report, “Financial Stability: The Role of the Central Bank of Iceland”, was published today. The report is intended to support discussion of the topics covered, including with recommendations for changes in the structure of institutions involved in financial stability and systemic oversight. The architecture of financial stability and systemic oversight have gained in importance and will continue to do so after the capital controls are lifted and the Icelandic banks begin to fund their activities in the global credit markets to a greater degree

Sir Andrew Large has extensive experience in banking. He served as chairman of the UK Securities and Investments Board (predecessor of the Financial Services Authority, FSA) from 1992-1997, Deputy Chairman of Barclays Bank from 1998-2002, and Deputy Governor of the Bank of England, with particular focus on financial stability, from 2002-2006, as well as serving on the Bank of England Monetary Policy Committee.

The report has been published on the Central Bank of Iceland website: Special Publication no. 8: Financial Stability and the Role of the Central Bank of Iceland


Further information can be obtained from Arnór Sighvatsson, Deputy Governor of the Central Bank of Iceland, at tel: +354 569 9600. 

No. 39/2012
16 October 2012