Bank of Joy Founded in North Iceland Skip to content

Bank of Joy Founded in North Iceland

Almost 70 people became shareholders in a new type of bank, the Bank of Joy, when it was established in the village of Skagaströnd in north Iceland this week. Shareholders accepted the bank’s charter with applause.

The Skagaströnd Bank of Joy can never go bankrupt and its initial capitalization is roughly 70,000 smiles. At the launch of the bank’s operations, each founding member acquired shares worth 1,000 smiles which they paid for with only one, Morgunbladid reports.

At the occasion, attendees were offered refreshments and shareholders’ benefits, including a discount card that can be used at some local companies. The participating companies offer discounts of their products in exchange for smiles.

At the end of the meeting, the bank’s charter members wrote down their latest negative thoughts on pieces of paper that were fed to the local cannon and then blasted out into the air where they burnt up until nothing was left.

Gledibankinn” or “Bank of Fun/Joy” is also the name of Iceland’s first entry to the Eurovision Song Contest in 1986.

Click here to read about a positive initiative at another north Icelandic town.

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