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Ministry of Finance and Economic Affairs

Minutes of the Meeting of the Financial Stability Council of 5 July 2016

The meeting was held in the Ministry of Finance and Economic Affairs.

Members of the Council: Minister of Finance and Economic Affairs Bjarni Benediktsson, Chairman; Már Guðmundsson, Governor of the Central Bank; Unnur Gunnarsdóttir, Director General of the Financial Supervisory Authority

Others attending: Guðrún Þorleifsdóttir, Director General of the Department of Economic Affairs and Financial Services at the Ministry of Finance and Economic Affairs; Sigríður Benediktsdóttir, Director of Financial Stability at the Central Bank; Jón Þór Sturluson, Deputy Director General of the Financial Supervisory Authority; and Tinna Finnbogadóttir, secretary of the Financial Stability Council.

The meeting commenced at 2:15 pm.

1. Report from the Systemic Risk Board

There was discussion of financial market circumstances, the cashflow management tools introduced recently and the situation with respect to offshore ISK owners and capital account liberalisation, in particular regarding the ability of the large banks to meet possible capital outflows.

2. Quarterly discussion of the counter-cyclical buffer.

The Council approved the Systemic Risk Board's proposal for an unchanged counter-cyclical buffer of 1% from the last meeting.

3. Systemically important supervised entities

The Systemic Risk Board's proposal that Landsbankinn, Arion Bank, Íslandsbanki and the Housing Financing Fund continue to be designated as systemically important supervised entities was approved.

4. Other matters

There was discussion of the validity and legal status of the statement on the state's guarantee of deposits of 6 October 2008.

The news announcement was approved with amendments.

Meeting adjourned at 3:30 pm.

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