Increase in countercyclical capital buffer
New Central Bank Rules on Countercyclical Capital Buffers for Financial Undertakings, no. 1076/2021, which were approved at a meeting of the Bank´s Financial Stability Committee (FSN) on 28 September 2021, were published in the Law and Ministerial Gazette today. With the new Rules, the value of the countercyclical capital buffer is increased to 2% of the risk base for financial institutions’ domestic exposures. The increase will take effect twelve months from now.
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Central Bank sets new rules capping debt service-to-income ratios on consumer mortgages
The Central Bank of Iceland’s Rules on Maximum Debt Service-to-Income Ratios on Consumer Mortgages, no. 1077/2021, approved at a meeting of the Bank’s Financial Stability Committee on 28 September 2021, were published in the Law and Ministerial Gazette (Stjórnartíðindi) today. The Rules take effect on 1 December 2021.
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Statement of the Financial Stability Committee 29 September 2021
The economic recovery of the past few months, coupled with an accommodative monetary and macroprudential stance, has supported households and businesses. On the other hand, asset prices – equity securities and real estate prices in particular – have risen markedly.
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Financial Stability report published
The Financial Stability report, second issue 2021, has been published. The Bank’s semi-annual Financial Stability report presents an overview of the position of the financial system, its strengths and potential weaknesses, and the macroeconomic and operational risks it may face.
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Webcast with a press conference on the statement and the contents of the Financial Stability report
At 9:30 a webcast starts where Ásgeir Jónsson, Governor and Financial Stability Committee chair, Gunnar Jakobsson, Deputy Governor for Financial Stability, and Haukur C. Benediktsson, Director of the Financial Stability Department introduce and discuss the statement of the financial stability committee and the Financial Stability report, both published today.
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