Investigation Committee Bill Discussed at Parliament Skip to content

Investigation Committee Bill Discussed at Parliament

A bill on a committee responsible for investigating the events leading up to the collapse of Iceland’s banking system, its causes and related issues will be discussed at the Althingi parliament today.

The committee is supposed to estimate whether negligence or mistakes were involved when laws and regulations on financial operations in Iceland were executed and supervised and who should be held responsible, Fréttabladid reports.

Opposition leader Steingrímur J. Sigfússon is one of those who will present the bill to parliament. Photo by Páll Kjartansson.

Among other purposes of the committee is to investigate whether the collapse of the banks and related economic setbacks can be explained by work methods and lack of ethics in the financial market.

The ombudsman of Althingi will have a seat on the committee, an expert appointed by the parliament’s primary committee and a Supreme Court advocate, who will also serve as the committee’s chairman.

There will also be special task forces with Icelandic and/or foreign experts who will assist the committee and undertake certain investigative projects. Both the committee and the task forces will work independently and not receive instructions from others, including the parliament.

The bill will be presented by speaker of the Althingi parliament and chairmen of all political parties who have representatives in parliament.

“It is my feeling that everyone understands their responsibility in this matter and the importance of this task being undertaken in such a way that there is no room for doubt,” said Steingrímur J. Sigfússon, chairman of the Left Greens, the largest opposition party.

“I believe that the atmosphere in society has changed so that no one would even consider treating this issue softly or sugar-coat in any way. I believe everyone who is participating [in the investigation] senses the demand in society that it should be undertaken honestly and openly and that nothing will be spared,” Sigfússon added.

Click here to read more about the planned investigation.

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