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BANKS EEA

Acquiring a bank

Acquiring a bank is complicated transaction. It involves all the processes of acquisition including receiving financial regulatory approvals.
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  • ICELAND

    Inhabitants - 313,183 (July 2011)

    Languages - Icelandic, English, Nordic languages, German widely spoken

    Currency - Iceland Krona (ISK), floating exchange rate ~ 0.007 EUR

    Religion - Lutheran Church of Iceland (official) 80.7%, Roman Catholic 2.5%, Reykjavik Free Church 2.4%, Hafnarfjordur Free Church 1.6%, other religions 3.6%, unaffiliated 3%, other or unspecified 6.2% (2006 est.)

    Politics - Politics in Iceland take place under the framework of a parliamentary, representative and democratic republic, wherein the Prime Minister of Iceland is the head of government, and there is a multi-party system. It is arguably the world\'s oldest parliamentary democracy. Executive power is exercised by the government. Legislative power is vested in both the government and the parliament, the Althing. The judiciary is independent of the executive and the legislature.

  • Major industries - fish processing; aluminium smelting, ferrosilicon production, geothermal power, tourism.

    Banks (2010)  - 4 full commercial banks and 10 savings banks; 3,610 employees; assets – EUR 20 billion; loans – EUR 12 billion; deposits – EUR 9 billion

    Banking regulations - The Financial Supervisory Authority is a regulatory organisation charged with the task of supervising financial enterprises, referred to as regulated entities. The Authority currently has a staff of one hundred and eight employees, many of them educated in fields such as economics, cybernetics, law, engineering and business administration. The principal provisions concerning the regulatory functions of the Financial Supervisory Authority are laid down in Chapter III of Act No. 87/1998 on the official supervision of financial operations, as subsequently amended. In addition, there are provisions on the supervisory powers of the Financial Supervisory Authority in various acts of law and rules on financial activities.