Business Minister Defends Iceland’s Progress Skip to content

Business Minister Defends Iceland’s Progress

By Iceland Review

Minister of Business Affairs Gylfi Magnússon dismissed the criticism of the government’s financial advisor, Swedish banking expert Mats Josefsson, who stated at a conference in Reykjavík on Wednesday that the restoration of the country’s banking system is not being prioritized by the government.

“I heartily disagree,” the minister told Fréttabladid. “It is of course our most important task. I also disagree that the restoration of the banking system is slow. On the contrary, I think it is unprecedented that people have come this far in only a little over one year, considering how much was going on and the vastness of the problem the government was faced with 13 months ago.”

Chairman of the International Monetary Fund delegation in Iceland Mark Flanagan agrees that the Icelandic government has been efficient in restoring the banking system, as he told members of the Icelandic American Trade Council last month.

Magnússon said that the matters of the savings banks are the most pressing at the moment. “But we can hopefully finish them in the coming weeks.” The state is willing to contribute up to 20 percent of the equity of the restored savings banks. Discussions with claimants are ongoing and a conclusion has yet to be reached.

Click here to read more about Josefsson’s comments and the conference he attended.

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