IMF Staff Country Reports

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

Publication Date:

July 28, 2023

Electronic Access:

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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.

Series:

Country Report No. 2023/280

Subject:

Cyber risk Economic sectors Financial markets Financial regulation and supervision Financial Sector Financial sector policy and analysis Financial sector stability International organization Monetary policy Operational risk Payment systems Technology

Frequency:

regular