2015 was another watershed year for Íslandsbanki. We saw the Bank consolidate the efforts of the past few years to produce sound results, against a backdrop that is rapidly evolving from crisis management and post-crisis recovery to a business-as-usual scenario. As a result of the composition agreement between Glitnir and its creditors, ownership of the Bank has been transferred from Glitnir to the Icelandic Government, marking a new chapter in the history of Íslandsbanki.
In the autumn of 2015, a major milestone was reached in the composition agreements between the estates of the old banks and their creditors. The Central Bank of Iceland has concluded that the fulfilment of the composition agreements, together with the proposed countervailing measures, will not jeopardise monetary, exchange rate, or financial stability.
It is vital that Icelandic taxpayers be well served by the sale of Íslandsbanki, and it is important that the Bank itself be allowed the commercial freedom and incentives to carry out its fundamental role of supporting economic growth in Iceland. It is worth bearing in mind that Íslandsbanki and its predecessors were privately owned institutions that merged over the years to form the robust Bank it is today. This, in turn, is mirrored in the vibrant corporate culture at Íslandsbanki and its employees’ dedication to the Bank’s vision of being #1 for service.
A number of changes were made to the Board of Directors over the course of the year. As they take leave of the Board, I would like to thank John E. Mack and Thóranna Jónsdóttir for their contribution, and welcome new Board members Eva Cederbalk and Gunnar F. Helgason. Marianne Økland became vice-chairman in March 2015, after having been a Board member since January 2010.
In March 2015, the Centre for Corporate Governance at the University of Iceland’s Institute for Business Research, in cooperation with the Icelandic Chamber of Commerce, SABusiness Iceland, and Nasdaq Iceland, renewed the Bank’s recognition as “Exemplary in Corporate Governance”.
We were extremely pleased to be so designated and are determined to focus on maintaining this recognition, which acknowledges the Bank’s Good Governance Policy, the practices of the Board, Board subcommittees, and management, as well as the Bank‘s gender balance.
Finally, I wish to thank the Bank’s management team and staff for their hard work. Íslandsbanki’s strong results attest clearly to their professionalism, dedication, and enthusiasm for the task in hand.
Íslandsbanki’s Annual Report 2015, together with the Consolidated Financial Statements and Pillar 3 Report, provide an extensive overview of the Bank‘s operations and business activities over the year.
The reports are available in a PDF format.In addition, all presentation material, including the press release, fact sheet, fact book and video, is available on the IR website under financials.