Iceland Chamber of Commerce Admits Responsibility Skip to content

Iceland Chamber of Commerce Admits Responsibility

The Iceland Chamber of Commerce admits to its responsibility in contributing to the banking collapse in 2008 in a statement posted on its website yesterday.


Copyright: Icelandic Photo Agency.

The statement says it is necessary to learn from what happened, change work methods and make sure mistakes won’t be repeated.

“The word ‘circumstance’ can be used to describe the mentality that reigned here before the collapse. Many people participated in creating a system without criticism […], with consequences now known by all. The Iceland Chamber of Commerce cannot claim to have not been a participant in that,” the statement reads.

The chamber admits that the criticism of its work methods, as stated in the Althingi parliament’s Special Investigative Commission (SIC) report, is just to a large extent, for example in regard to its report on the financial system in 2006 and 2007, emphasis on having the economy make it own rules and its support of the insubstantial image propaganda relating to the state of the economy and financial system.

In terms of transparency, good governing methods and social responsibility of companies, the chamber didn’t fulfill its duty as watchdog, the statement says.

Criticism and factual discussions are welcomed, on which the chamber will base its internal review, which, in fact, began shortly after the banking collapse.

Click here to read more about the SIC report.

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