Banking Administration to Assume Duties Next Week Skip to content

Banking Administration to Assume Duties Next Week

Employees of the Ministry of Finance are currently appointing the board members of the new state-run Banking Administration (Bankasýsla ríkisins), which will assume its duties next week. Its purpose is to administrate the state’s shares in financial companies.

Photo by Páll Stefánsson.

The establishment of a public limited company, a so-called asset administration company, is also being planned, which might fall under the authority of the Banking Administration, Fréttabladid reports.

Furthermore, the Ministry of Justice is working on changes to the legislation on bankruptcy to ease the execution of emergency agreements on debt repayment. The purpose is to prevent companies from going into bankruptcy proceedings.

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