Foreign Minister: Iceland’s Banks Are Solid Skip to content

Foreign Minister: Iceland’s Banks Are Solid

Iceland’s Foreign Minister Ingibjörg Sólrún Gísladóttir said Iceland’s commercial banks are in a good position during a speech at a conference in Copenhagen yesterday on the globalization of Icelandic businesses.

When asked how the government would react if the banks ran into trouble, Gísladóttir replied, “I consider this question theoretical because the banks are doing fine.” Morgunbladid reports.

The minister said that in the case of a liquid assets shortage at the commercial banks, both the Icelandic state and the Central Bank were capable of protecting depositors and preventing the monetary system from being disrupted.

Gísladóttir also criticized the media coverage of Icelandic investments in Denmark. She pointed out that Icelandic investments were only two percent of foreign investments in Denmark, but judging by the local media coverage one would think every other foreign investment was Icelandic.

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