The parliament passed a law on October 6th. 2008 because of difficulties in Icelandic banks. The Icelandic Financial Supervisory Authority now have the authorization to partially or completely overtake administration of banks.

The law is aimed at insuring that the public have access to all neccessary banking services. All personal accounts in Icelandic banks and savings banks are guaranteed by the Icelandic govornment.

  • Further information can be obtained from viðskiptaráðuneytið(The Ministry of Business Affairs) telephone number 545 8800

The laws give Íbúðalánasjóður (the Housing Finance Fund) the right to overtake housing loans, both domestic and foreign from the banks. If the Fund overtakes a loan it is possible in some cases to negotiate paymentsof the loan and even the moratorium.

  • More information can be obtained from Íbúðalánasjóður, The Housing Finance Fund, telephone number 569 6900

The Ministry of Welfare provides information regarding changes in the financial market. All departments of The Ministry of Welfare give information both in Icelandic and English. Vinnumálastofnun (the Directorate of Labour) also give information in Polish and Fjölmenningasetur (the Multicultural and Information Centre) in English, Polish, Serbo-Croat and Thai.

  • Vinnumálastofnun (the Directorate of labour) gives information regarding unemployment benefit and payments from Ábyrgðasjóði Launa (The Insolvency Fund) by telephone 582-4900 or 515 4850
  • Tryggingastofnun Ríkissins (The State Social Security Institute) supplies information regarding rights in the social security system and their influence on payments towards life annuity by telephone at 800 6044.
  • Vinnueftirlit ríkisins (the Administration of Occupational Safety and Health) in Iceland provides information regarding supervision of the work environment with regards to, amongst other things stress and bullying by telephone 540 4600
  • Debtors' Ombudsman gives councelling on financial solutions for those in need of revising their home finances and for those individuals having trouble meeting their financial obligations. Information by telephone 521-6600 or 800 6600 (free number)
  • Fjölmenningasetur (the Multicultural and Information Centre) gives advice and information for immigrants and those who are helping them all over the country by telephone 450 3090 (Icelandic and English), 450 3094 / 470 4709 (Polish), 470 4709 (Serbo-Croat) and 470 4702 (Thai)
  • Barnaverndastofa (the Governmental Agency for Child Protection) provides information and advice regarding care for children by telephone 530 2600