Kaupthing Bank Impeaches Euro Decision Skip to content

Kaupthing Bank Impeaches Euro Decision

By Iceland Review

Kaupthing Bank has filed an impeachment to the Ministry of Finance because of a decision made by the Financial Statement Register of the Commissioner of Inland Revenue (RSK) not to permit the bank to adopt the euro until 2009.

Kaupthing Bank’s Chief Communications Officer Jónas Sigurgeirsson said the bank is dissatisfied with the Financial Statement Register’s decision, because it had expected and prepared for adopting the euro last January 1, Morgunbladid reports.

The case is now in the hands of Minister of Finance Árni M. Mathiesen, who has the final say in this matter.

Last fall Kaupthing Bank announced that it planned to adopt the euro as its operational currency at the beginning of 2008, which would include the bank settling its accounts and submit financial statements in euros.

Other companies have already made that move, including investment bank Straumur-Burdarás.

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