Central Bank of Iceland Acquitted of Governor’s Charge Skip to content

Central Bank of Iceland Acquitted of Governor’s Charge

Reykjavík District Court ruled yesterday that Central Bank of Iceland governor Már Guðmundsson will not have his salaries corrected. He had filed a lawsuit against the bank in January to have the lowering of his salaries deemed invalid.

mar-gudmundsson02_goMár Guðmundsson. Photo by Geir Ólafsson.

A salary agreement was made with Már in August 2009. The same month the wage council was allocated with determining the salaries of the Central Bank governor in compliance with the amendments to the laws on salaries for government officials, Fréttablaðið reports.

Már reasoned that the legal amendment had been retroactive and therefore demanded that the lowering of his salaries be deemed invalid.

Már’s attorney Andri Árnason said the legal position of officials hired for five years must be reviewed as apparently it’s not the same as among officials who have the regular term of notice in their contracts.

“We will go through the verdict and decide whether to appeal shortly. We must examine the jury’s reasoning for their position towards the laws on officials hired for five years,” Andri concluded.

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