Iceland: Financial Sector Assessment Program-Technical Note on Cyber and Operational Resilience, Supervision and Oversight

Author: International Monetary Fund. Monetary and Capital Markets Department

Volume/Issue: Volume 2023 Issue 280

Publication date: July 2023

ISBN: 9798400249860

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Topics covered in this book

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Banks and Banking , Finance , Money and Monetary Policy , International - Economics , C , supervision approach , payment services directive , markets authority , market infrastructure , cash payment , Cyber risk , Financial sector stability , Financial sector , Payment systems , Operational risk , Europe , Baltics , Global

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Summary

The Icelandic financial system is large, concentrated and interconnected - banks and Non-Bank Financial Institutions (NBFIs) - domestically and internationally. There are 10 banks: 4 commercial banks and 6 savings banks, but the system is dominated by just three of the commercial banks (Arion banki, Íslandsbanki and Landsbankinn) that together account for 95 percent of banking assets. Cash use is declining as a percentage of point of sale (POS) transactions, leading to an increasing dependence on electronic payment means. The debit and credit cards used for most retail transactions rely on international communications with Visa and Mastercard.