WPCU ]~3,K Fp-҃FxE one|ŹG /e*ARhei/ Ӟl%ecv F@9/^OȄr@i(K!楕bf@:;[>>:S j%zDbK‡r: 2Y ?Qʺt2MX {N1fqN_DwK// iE E`Ă8Ջvb␜"W Zah?B,I_%~LqkuL#K@̿n\A a͘!'S ڽUݭN *…g!oD9hvJEQØUwۏz}o`}{a0uBqOp+$@'ѦWS/G5i8U3Y^mLZMTo6 m0޼C}UN % 0Y #? ^^f mw4^  D-< 0U? 0U  09! A! 0" 0k# 0H$ 0"% 0% 0& 0' 0Cl( 0( 0) 0N* 0+ 0+ 0, 0h- 0'. 0@. 0!/ 0/ 00 01 0G2 0 3 03 04 0<;5 1w5 7255 10606 72676E 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 0Y"8 B{8 AM8 0N888N3939393939 15959 0v99 0v<> D5B 0vB 0K]G 0GG 0Tu*L*L 0`L AL 0MM 0;N;N 1uOOOOOOOOOOOOOOOOOOOO 72uOuOuOuO 1OOOOOOOOOOOOOOOOOOOOOU:HPHPHPHPMPPPP B-PPPPPP 0PP 0DU&d9 Z6Times New Roman RegularX(1$ IS , .\R6&A4\X_XXXTRW<6&A4W<6&A4 6&A4 6&A4T ? 9XX_-?vbX-#ggdd  80dd8ISUS.,     \\loki.althingi.is\Austurstr 8-10 3h lp41yy0\\Mimir\forrit\WP2000\template\SKJRIT~1.WPT\\Mimir\forrit\WP2000\template\SkjritunY2k.wptUA9ό|)rirs?g~q9 3|xLevel 1Level 2Level 3Level 4Level 5)!dxdx 2 aN'ISUS.,,,..XKXXX? 7XXK-?vbX-#ggdd  ISIS,.   _*+ (_2623  .. "h?nnunargreinum$t?lvunarfr%Winga"lUsingarh?nnuWa(iWnaWarrWuneytinuupptalningunastarfsheitinu"kerfisfr%WingurCtskriftt?lvut%kna&RafiWnaWarsk;lanst?lvukerfum&t?lvunarfr%Wiskor&t?lvunarfr%Wingar,t?lvunarfr%Wingarnir$skyldunmskeiWum$skyldueiningunum,st%rWfr%WinmskeiWum(st%rWfr%Wigreiningbestunarfr%Wi&t?lvunarfr%Winnar$t?lvunarfr%Winni&skyldueiningarnar2t?lvunarfr%WinmskeiWumt?lvusviWinu"grunnskilningur(t?lvunarfr%Wideildkj?rsviWa&notendahugbCnaWar$kerfishugbCnaWar&viWskiptafr%Wivalt%knigreinum"kerfisfr%Wingarkj?rsviWiforritun"st%rWfr%Wigrunn$umfj?llunarefniW(st%rWfr%WinmskeiW6t?lvunarfr%Wideildarinnart?lvuv%WingarSkUrr hugbCnaWargerW loftskeytamennkerfisfr%Wing"Ctskriftarnemar"CtskriftarnemumstarfsheitiW&t?lvunarfr%WingurhugbCnargerW kerfisfr%WinganetkerfumCtskrifaW&RafiWnaWarsk;linnumsagnaraWili"lgmarksmenntun$starfsheital?ginl?ggilt"rafverkfr%Wingarafverktaka$lUsingarh?nnuWur*D+J (_25   ," <DL,23  ..  2( 4 <DL2  ӂLevel 1Level 2Level 3Level 4Level 5Level 1Level 2Level 3Level 4Level 5Level 1Level 2Level 3Level 4Level 5Level 1Level 2Level 3Level 4Level 5, *HNK2   cf&OLE 2.0 Box <=8C HKKKK*A+J (_24   ) <DL)23  ..  2( 4 <DL2  *>+J (_23  ` &<<DL&23  ..  2( 4 <DL2  *;+J (_22   #DL#23  ..  2( 4 <DL2  *8+J (_21    DL 23  ..  2( 4 <DL2  *5+J (_20  h DDL23  ..  2( 4 <DL2  *2+J (_19   L23  ..  2( 4 <DL2  */+J (_18    L23  ..  2( 4 <DL2  * (_1723  Ԁ*DJ (_16   ," <DL,23  Ԁ  2( 4 <DL2  *AJ (_15   ) <DL)23  Ԁ  2( 4 <DL2  *>J (_14  ` &<<DL&23  Ԁ  2( 4 <DL2  *;J (_13   #DL#23  Ԁ  2( 4 <DL2  *8J (_12    DL 23  Ԁ  2( 4 <DL2  *5J (_11  h DDL23  Ԁ  2( 4 <DL2  *2J (_10   L23  Ԁ  2( 4 <DL2  (/J &_9    L23  Ԁ  2( 4 <DL2  ( &_823  (DJ &_7   ," <DL,23   2( 4 <DL2  (AJ &_6   ) <DL)23   2( 4 <DL2  (>J &_5  ` &<<DL&23   2( 4 <DL2  (;J &_4   #DL#23   2( 4 <DL2  (8J &_3    DL 23   2( 4 <DL2  (5J &_2  h DDL23   2( 4 <DL2  (2J &_1   L23   2( 4 <DL2  &/J $_    L23   2( 4 <DL2  <:Default Para(5hCEKQW]cioAutoList1a.a.a.a.a.a.a.a.3a.(EhCEKQW]cioAutoList2a.a.a.a.a.a.a.a.6a. - eN)ISUS.,,,..XKXXX? 7XXK-?vbX-#ggdd  ISIS,.   _Ԁ64Hyperlink     d cfA<< c(O$ikmo %Eu{}1. a. 1.StafliWir undir t?luliW1.a.1.(N3N$ !ISUS.,,,..TRW6&A4X3' Letter 6&A4\X_X3'LetterTXKXXXTRW6&A4W6&A4 6&A4 6&A4\X_XT ? 7XXK-?vbX-#ggdd  8^dd8ISIS,.      (N3N$ !ISUS.,,,..TRW6&A4X3' Letter 6&A4\X_X3'LetterTXKXXXTRW6&A4W6&A4 6&A4 6&A4\X_XT ? 7XXK-?vbX-#ggdd  8^dd8ISIS,.      UUUU)!dxdx(N3N$ !ISUS.,,,..TRW6&A4X3' Letter 6&A4\X_X3'LetterTXKXXXTRW6&A4W6&A4 6&A4 6&A4\X_XT ? 7XXK-?vbX-#ggdd  8^dd8ISIS,.      ( $ Figure  1  (Z3n$ !ISUS.,,,..TRW6&A4X3' Letter 6&A4\X_X3'LetterTXKXXXTRW6&A4W6&A4 6&A4 6&A4\X_XT ? 7XXK-?vbX-#ggdd  8^dd8ISIS,.       d (M0J$2  0  .3  0 ` (8,1$0  2%3  0` "" cf I&mage <=8C HKKKK(u$0  0` (#(#` `  2  a  .3  0` (#` (#(`$0  0` (#(#0 ` (#` (#0 (# (#"h2  0  .3  0(#(#3#37=CIQYag1.a.i.(1)(a)(i)1)a)qi) gEu{}a. 1. a.T?luliWur undir stafliWa.1.a.1)a)4cp Z "Times Regular)Hairline d(`H2$ !ISUS.,,,..TRW6&A4X3' Letter 6&A43'LetterTXKXXXTRW6&A4W6&A4 6&A4 6&A4T ? 7XXK-?vbX-#ggdd  8^dd8ISIS,.          0  G7Ԁ(#$  0   !ISUS.,,,..TRW6&A4X3' Letter 6&A43'LetterTXKXXXTRW6&A4W6&A4 6&A4 6&A4T ? 7XXK-?vbX-#ggdd  8^dd8ISIS,.      _ _ikmo(%03q9 Xskj.189"161.ml.      A 7Tillagatil_Yingslyktunar_#7 Ah#/   f XKX7um#7XXK9#ԀfjrhagslegafyrirgreiWsluhj_AlYj;Wagjaldeyrissj;Wnum_.  f  ' ? (LgWfyrirAlYingi136.lggjafarYingi2008!2009.)     Q )   ?U:' b dE" ? Q )      AlYingilyktaraWfelarkisstj;rninniaWleiWatillyktaformumfjrhagslegafyrirgreiWslu   hj_AlYj;Wagjaldeyrissj;Wnum_Ԁgrundvellifyrirliggjandi_viljayfirlUsingar_Ԁslenskrastj;rn   valda. }U  @BB#dggAthugasemdirviW_Yingslyktunartillgu_ԀYessa.#ggd Ԉ     0kjlfar_bankahrunsins_Ԁbyrjunokt;ber2008kvaWrkisstj;rnineinsogkunnugteraW   leitatil_AlYj;Wagjaldeyrissj;Wsins_ԀumfjrhagslegafyrirgreiWslu.ViWrWurfulltra0slands  ogsj;WsinsumfyrirkomulagsamstarfsinshafastaWiWyfirumnokkurtskeiWogunninhefur tL veriWtarleg_efnahagstlun_ԀmeWYaWaWmarkmiWiaWkomaefnahagslegumstWugleikaaW ? nUju.BirtiststlunbrfifjrmlarWherraogformanns_bankastj;rnar_ԀSeWlabankanstil   stj;rnar_AlYj;Wagjaldeyrissj;Wsins_Ԁfr3.n;vembersl.,sbr.breytingar9._tlul_._yfirlUsing  arinnar_ԀsemgerWarvoru15.n;vembersl.(sj_fylgiskjal_). x   MeginmarkmiW_efnahagstlunar_Ԁrkisstj;rnarinnarerufyrstalagiaWendurvekjatraust kC slenskumefnahagognstWugugengikr;nunnarmeW_markvissum_ԀogflugumaWgerWum, 6 WrulagiaWstyrkjastWurkissj;WsogYriWjalagiaWendurreisaslenskt_bankakerfi_.    GerterrWfyriraWstj;rn_AlYj;Wagjaldeyrissj;Wsins_ԀtakikvrWunmiWvikudaginn19.  n;vembernstkomandiumfjrhagslegafyrirgreiWslutilslenskrastj;rnvaldagrundvelli o fyrirliggjandi_tlunar_.Samstarf0slandsog_AlYj;Wagjaldeyrissj;Wsins_Ԁfelursr_lnveitingu_ b: frsj;WnumaWandvirWirmlega2milljarWaBandarkjadalasemgreiddverWurtfngum. - JafnframtergertrWfyrirlniannarsstaWarfraWfjrhW3milljarWarBandarkjadala.    _Fylgiskjal_. $ $  i AU:) dE? ! A^  i   %   _VILJAYFIRLTSING_ "]' umformslenskrastj;rnvalda P#(( vegnafjrhagslegrarfyrirgreiWsluhj_AlYj;Wagjaldeyrissj;Wnum_.  $) f "i0J"  i0J2%  1  .3  Ԉ0    0kjlfar_hamfaranna_ԀalYj;WlegumfjrmagnsmarkaWistendurYj;Warbskapur %!+ 0slendingaframmifyrirsvoalvarlegri_fjrmlakreppu_ԀaWslkserufdmi. Til |&T", viWb;taralmennuvantrausti_fjrmlamarkaWi_Ԁgr;fmikil_skuldsetning_Ԁ_fjrmlageirans_ G'#- ogYrffyrirerlenda_lnsfjrmgnun_ԀennfrekarundantraustislenskubnkunumYar (#. _tilfjrmlakreppanfelldiYrjstrstubankalandsinssemsamanlagtst;Wufyrirum85% ( afbankakerfinu.FalliWleidditilmjgsnggrabreytingaverWmtilykileignasama  tmaoggjaldeyrismarkaWurinnheimafyrirYornaWiuppogalvarlegrskunvarW  greiWslumiWluntilogfrlandinu.Xj;WarbskapurinnernleiWinntmabilmikils a samdrttar,st;raukinsfjrlagahallaogmikillaraukningaropinberraskulda!um80% T, afvergrilandsframleiWslu.XettaendurspeglarYannmiklakostnaWsemhlUstafendur  skipulagningubankakerfisins.i0J݌ Ќ  "i0J"  i0J2%  2  .3  Ԉ0    X;tthagkerfiWssveigjanlegtgeturaWlguninaWYessufalliorWiWbWiharkaleg   ogkostnaWarsm. 0slensktefnahagslfhefurlngumgetaWunniWflj;ttrfllum,  X aWallegameWYvaWdragamjgrinnflutningiogtreystaYannigviWskiptajfnuW,en K #  lj;siYesshvemikinnhnekkitrausthagkerfinuhefurbeWiWerhugsanlegtaWmikiWfjr    magnsflWirlandigetileitttilverulegrarviWb;tarlkkunargengikr;nunnar.Xarsem    hagkerfiWermjgskuldsettgtislktvaldiWst;rskaWaefnahagYj;Warinnarallrarog   miklumsamdrttiefnahagslfinu.FyrstuverkefniokkareruYvaWkomaafturstarf wO  hfubankakerfiogtryggjastWugleikakr;nunnar.TillengritmalitiWerverkefniWaW B  lkkahinarmikluskuldirhinsopinberameWviWvarandiaWhaldirkisfjrmlum.i0J݌   Ќ  EndurskipulagningbankakerfisinsogendurskoWungjaldYrotalaga.  {   "i0J"  i0Jg!2%  3  .3  Ԉ0    ViWhfumhrundiWframkvmdvWtkritluntilaWtakastviWYerfiWleika 9 bankakerfinusemalYj;WlegalnsfjrkreppanhefurmagnaW. MeWneyWarlgum,  semsamYykktvoru6.okt;ber2008,veittiAlYingiFjrmlaeftirlitinu(FME)vWtkt  valdsemFMEhefurnotaWtilaWgrpainnstarfsemiYriggjastrstubankanna.Xessir r bankarhfWueinnigfjldatibaogd;tturflaga,aWalleganokkrumEvr;pulndum.i0Jg!!݌e= Ќ  "i0J"  i0J$2%  4  .3  Ԉ0    SstefnaaWgrpabeintinnstarfsemibankannahelgastafYeirriYrfaWtryggja 0 framhaldandiinnlendabankastarfsemiogkomabankageiranumniWurYstrW  semgetursamrmstumfangihagkerfisins. TilaWnYessumarkmiWivarhverjum  bankannaYriggjaskiptuppnUjanbankaoggamlanbanka.NUjubankarnirt;kumeWal i annarsyfirinnlendabankastarfsemisemfjrmgnuWerafinnlenduminnstWueigend \4 um.InnangmlubankannaeruviWskiptierlendumtibumogd;tturflgumsem ' aWallegavorufjrmgnuWmeWtgfuskuldabrfaogerlenduminnstWum.AfleiWu  samningarvoruskildireftirgmlubnkunum.FjrmlaeftirlitiWleystistj;rnirbank  annaYriggjafrstrfumogsettiskilanefndirYeirrastaWaukYesssemh;parlggiltra `  endurskoWendafrYremurafhelstualYj;WleguendurskoWunarfyrirtkjunumvoruskip S+! aWirtilaWstj;rnabrWabirgWamatigWumeigna.AfYessutilefnivorutilskildarfjr " hWirsettarafskriftareikninganUjubnkunumtilaWfravirWilnatilsamrmisviW # vntanlegtmarkaWsvirWiYeirra.i0J$$݌ $ Ќ  "i0J"  i0J+2%  5  .3  Ԉ0    kveWiWskipulagerkomiWviWskilyfirteknubankannaogleiWirtilaWhmarka !W% heimtureignameWgagnsjumhtti.StefnaokkaraWYessuleytihefurveriWt J""& frWnnaraWundanfrnu. VirturbankasrfrWingurvarskipaWurtilaWstUraendur #' skipulagningubankanna.SrfrWingurinnstarfarvegumforstisrWherraogber #( byrgWaWYr;a,innleiWaogskUrafrheildstWriaWgerWatlunumendurskipulagn $ ) ingubankanna.TilaWsamrmastefnuogaWgerWirstj;rnvaldahefurveriWskipuWnefnd v%N!* sembankasrfrWingurinnstUrirogeigastifulltrarfrforstisrWuneyti,Fjrmla A&"+  eftirliti,SeWlabanka,fjrmlarWuneytiogviWskiptarWuneyti.i0J+.+݌ '", Ќ  "i0J"  i0J/2%  6  .3  Ԉ0    Nstaskrefendurskipulagningunniernnu&   rumferWmatsbWinUjuoggmlu ( bnkunumtil'(F0aWtryggjaaWuppskiptinhafiekkihrifheimturuppkrfur  lnardrottna. VirtalYj;WlegtendurskoWunarfyrirtkiverWurrWiWtilaWhafayfirum  sj;nmeWframkvmdinniogaWstoWaFjrmlaeftirlitiWviWaWm;taaWferWirsamrmi a viWalYj;WlegarkjrvinnureglursembeittverWurviWmatiW.AWferWafrWinaWliggja T, fyrir15.n;vember2008eneftirYaWverWa;tengdalYj;WlegendurskoWunarfyrirtki  rWintilsjlfrarmatsvinnunnarsemaWveralokiWfyrirlokjanar2009.EndurskoWun  arfyrirtkinsemhafayfirumsj;nmeWframkvmdinnimunustaWfestaekkisWaren15.   febrar2009aWmatiWhafifariWframsamrmiviWfyrirliggjandiaWferWafrWiogtaka  X lokakvrWunummatiW.HlutiafframkvmdinniereinnigmatYvhvortstj;rnendur K #  oghelstuhluthafarhafigerstsekirumafglprekstrieWamisnotkunbnkunum.i0J//݌   Ќ  "i0J"  i0J52%  7  .3  Ԉ0    AWlokinnisWariumferWverWmtamatsverWanUjubankarnirYrrendurfjrmagn    aWirYannigaWeiginfjrhlutfallYeirraverWia.m.k.10%. HeildarfjrhWnUshlutafjr   ertalinverWaaWnema385milljrWumkr.HlutafjrframlagiWverWurformirkisskulda wO  brfasemgefinverWatmarkaWskjrumogverWurYaWlagtframfyrirlokfebrar B  2009.0samrmiviWalmennarreglurviWtgfuleyfisfyrirnUjabankaogtilaWhafa    eftirlitmeWtraustumrekstrargrunniYeirramunFjrmlaeftirlitiWfarayfirrekstrar   tlanirsrhversnUsbanka.XessarrekstrartlanirtilfimmramunulUsabankaYj;n {  ustu,stofnfjrmgnun,starfsliWi,hagnaWarvntingumogtibaneti.ViWformumaW nF seljaeiginfjrframlagrkisinsumleiWogjafnvgikemstogmarkaWsskilyrWileyfa.i0J55݌9 Ќ  "i0J"  i0J:2%  8  .3  Ԉ0    Rkisstj;rninerkveWinaWtryggjahmrkunvirWiendurheimtraeigna. 0Yv  skynierformaWaWgmlubankarnirverWisettirgreiWslustWvunsamrmiviWgjald  Yrotalgoglgumfjrmlafyrirtki,enskilanefndirhaldaframaWvinnasamkvmt r YeimtilaWhmarkavirWieignaundirumsjaWstoWarmannsviWgreiWslustWvunen e= skipanhanshlUturstaWfestingud;mst;la.TilaWtryggjahmarksheimtureignaverWur 0 rWinnrWgjafisemmunaWstoWaviWaWljkagerWtlunarumheimtureignafyrirlok  n;vember2008.i0J::݌ Ќ  "i0J"  i0J>2%  9  .3  Ԉ0    ViWhfumeinsettokkuraWkomatraustuoggagnsjuferlisamskiptumviW i innlnshafaoglnveitendurhinnayfirteknubanka. UnniWerskipulegaaWsambri \4 legusamkomulagiviWallaYerlenduaWilasemhagsmunaeigaaWgtagagnvartTrygg ' ingasj;WiinnstWueigendaogfjrfestahrlandisamrmiviWlagarammaEES.0sland  hefurheitiWYvaWvirWaskuldbindingargrundvelliinnstWutryggingakerfisinsgagn  vartllumtryggWuminnlnshfum.XettabyggistYeimskilningiaWunntverWiaWfor `  fjrmagnaYessarkrfurfyrirtilstyrkviWkomandierlendrarkjaogaWjafnt0slandsem S+! YessirkisustaWrWinaWefnatilviWrWnanstudgummeWYaWaWmarkmiWiaW " nsamkomulagiumnnariskilmlavegnaYessararforfjrmgnunar.EnnfremurviWur # kennumviWaWYaWslykilatriWirttltrimeWferWgagnvartinnstWueigendumog  $ krfuhfumhenduryfirteknubnkunumaWnUjubankarnirgreiWisannvirWifyrirYr !W% eignirsemfluttarvorufrgmlubnkunum.ViWhfumkomiWuppgagnsjuferliYar J""& semtvteymisjlfstWraendurskoWendasjumaWmetasannvirWieigna.Almennt #' munumviWtryggjaaWmeWferWinnstWueigendumoglnardrottnumssanngjrn,jfn #( ognmismununarogsamrmiviWgildandilg.i0J>>݌$ ) Ќ   v%N!*  "i0J "  i0JGF222%  10  .3  Ԉ0    0framhaldinumunumviWendurskoWaallaregluumgjrWfjrmlastarfsemiog ( framkvmdbankaeftirlitstilaWeflaviWbnaWgegnhugsanlegumfjrmlakrepp  umframtWinni. ViWmunumrWareyndanbankaeftirlitsmanntilaWfarayfirreglu  verkiWogstarfshttiviWbankaeftirlitogleggjatilnauWsynlegarbreytingar.XessirW a gjafimuneinkumbeinasj;numaWreglumumlausafjrstUringu,lntiltengdraaWila, T, st;rareinstakarhttur,krosseignatengsloghagsmunalegtsjlfstWieigendaogstj;rn  enda.Hafifyrrverandiyfirstj;rnenduroghelstuhluthafaryfirteknubnkunumgerst  sekirumafglprekstrieWamisnotkunbnkunumeigaYeirekkiaWgegnasambri   leguhlutverkinstuYrjrin.MatYetta,semgertverWuropinbert,aWliggjafyrirlok  X mars2009.ViWmunumrWafyrirframsrhverjabreytinguformumokkarYessu K #  efniviWfulltraAlYj;Wagjaldeyrissj;Wsins.i0JGFtF݌   Ќ  "i0J "  i0JK222%  11  .3  Ԉ0    ViWmunumfarayfirlagarammannumgjald-oggreiWsluYrotYannigaWtakamegi    niWurfrsluskuldaogheimtueignabnkum,fyrirtkjumoghjheimilum.    SetjaYarfsrlgumgjald-oggreiWsluYrotbanka(aWskilinfralmennumgjaldYrotalg wO  um)tilaWleysar;vissuumlagalegastWuyfirtekinnabankaogkomasamrmdri B  umgjrWumeftirlitmeWskuldaskilahliWbankagjaldYrota.FerliWviWgjaldYrotfyrirtkja    hefurreynsttiltlulegaskilvirktundirvenjulegumkringumstWumennverWuraWskil   greinaYaWnnarsvoYaWgetilkafaliWsraWlnardrottnaroglfvnlegfyrirtki {  semjisnmilliutand;mst;la.SrlagierbrUntaWtryggjamgulegaaWkomueigenda nF tryggWraskuldabrfaaWtlunumumendurskipulagningufyrirtkjaogaWauWvelda 9 nUjafjrmgnunviWendurreisnfyrirtkja.i0JKL݌ Ќ  Stefnanopinberumfjrmlum.  r  "i0J "  i0JTQ222%  12  .3  Ԉ0    BrlausnbankakreppunnarmunleggjaYungarfjrhagslegarbyrWarhiWopin 0 bera. SamkvmtbrWabirgWamatimtlaaWvergurkostnaWurrkisinsvegnainnstWu  tryggingaogendurfjrmgnunarbWiviWskiptabankannaogSeWlabankansgetinumiW  um80%aflandsframleiWslu.HreinnkostnaWurverWureitthvaWlgriaWYvgefnuaW i fjrmunirendurheimtistmeWslueignumgmlubankanna.ViWYettabtistkostnaW \4 urinnafauknumhallahinsopinberaupp13,5%aflandsframleiWslueinsogreiknam ' meWriW2009vegnasamdrttarkjlfarbankakreppunnar.0heildmgerarWfyriraW  vergarskuldirhinsopinberaaukistr29%aflandsframleiWslulokrs2007109%af  landsframleiWslurslok2009.BankakreppanmunYvsetjahinuopinberaverulegar `  skorWurogleggjaauknarbyrWaralmenningnsturum. i0JTQQ݌S+! Ќ  "i0J "  i0JV222%  13  .3  Ԉ0    ViWformumaWltasjlfvirkasveiflujfnunrkisfjrmlavirkatilfullsrinu " 2009. TilaWaukaekkifrekarsamdrttinnformumviWaWleyfafjrlagahallanumaW # aukasttaktviWaukintgjldoglgritekjurvegnahagsveiflunnar,envegnamikillar  $ fjrmgnunarYarfarogst;raukinnarskuldsetningarrkissj;WshyggjumstviWdragaveru !W% legarfyrriformumumslakarkisfjrmlumrinu2009oghaldaYeimlgmarki. J""& FarisvoaWtekjurfariframrtlunhyggjumstviWleggjaYfjrmunitilhliWarog #' dragarhallanumsemYvnemur.ViWeigumvonaWaukinkauplfeyrissj;Warkis #( skuldabrfumdragirYeimYrUstingifjrmagnsmarkaWisemleiWirafst;raukinnifjr $ ) mgnunarYrfrkissj;Ws.OpinberumsvifverWahWrsfj;rWungsleguYakihreinarln v%N!* tkurogsamkomulagumfjrlgrsins2009erlykilskilyrWifyrirlokumfyrstuendur A&"+  skoWunstuWningsfjrmgnuninni.i0JVV݌ '", Ќ  "i0J "  i0J<\222%  14  .3  Ԉ0    ViWtlumokkuraWhrindaframkvm&   dmetnaWarfullritlunumrkisfjrmlin.  ( FyrstaskrefYessarar'(]tlunarkemurtilframkvmdameWfjrlgumrsins2010.ViW  formumaWgerWirtilaWminnkahallahagsveifluleiWrttumfrumjfnuWirkissj;Wsum  2!3%riyfirtlunartmabiliWmeWYaWaWmarkmiWiaWhagsveifluleiWrtturfrum a jfnuWurverWiorWinnjkvWurriW2011ogjkvWurum3,5!4%miWaWviWlandsfram T, leiWsluriW2012.UndirbningurYessarartlunarhefstYegarYessuriogverWa  meginherslurafmarkaWarfyrirrslok,enheildartfrslamunliggjafyrirummittnsta  r.MarkverWframfrYessusviWiverWurlykilskilyrWitengslumviWrsfj;rWungslega   endurskoWuntlunarinnar.0slensktYj;WflaghefursUntbyrgWrkisfjrmlumeins  X ogsstYvhveskuldirhinsopinberaerulitlarviWupphafkreppunnar.Xessistefna K #  hefurnotiWalmennsstuWningssamflaginu.SalahlutrkisinsnUjubnkunumgetur    lkkaWskuldirhinsopinberaverulegaogdregiWrYrffyriraWhaldrkisfjrmlunum.i0J<\i\݌   Ќ  "i0J"  i0Jb222%  15  .3  Ԉ0    0YvskyniaWaukatraustgeturkisinstilaWstandaundirskuldumtlumviWaW   treystarammarkisfjrmla. 0rvarfjgurraratlunrkisfjrmlumfyrstasinn wO  lgWfyrirAlYingiumleiWogfrumvarptilfjrlaga.EnnfremurmunumviWskilgreina B  sjlfbrniopinberraskuldaogm;tastefnuvarWandirkisskuldir.EngusWurerokkur    lj;staWmeiraYarftilaWbtanverandiumgjrW.ViWmunumYvfaravandlegayfirn   verandiumgjrWrkisfjrmlaogleggjaframtillgurYaraWltandisemeinnigmunu {  ntilYesshvernigfjrmlsveitarflagaverWibetursamrmdformumrkisfjrmlum. nF NiWurstWurYessararyfirferWarverWatilumrWuviWfyrstuendurskoWunYessararfjr 9 hagsaWstoWar.Framfarirendurb;tumumgjrWrkisfjrmlaverWurskilyrWifyrir  lokumrsfj;rWungslegriendurskoWuntengslumviWfjrhagsaWstoWina. i0Jbc݌ Ќ  "i0J"  i0J_h222%  16  .3  Ԉ0    HiWopinberamunekkitakasigfrekariskuldbindingar&  vegnabankakreppunnar.  r XvmiWurmunulfeyrissj;Wirnir,innlendirpeningamarkaWssj;Wir,'4iUmsirerlendirlnar e= drottnarogfleiriaWilarverWafyrirumtalsverWutapikjlfarhrunsviWskiptabankanna. 0 XarsemskuldirhinsopinberaeruYegarmiklarermikilvgtaWleggjaekkifrekari  byrWarhiWopinberameWYvaWYaWtakislktpsnarherWar.i0J_hh݌ Ќ  Stefnanpeninga-oggengismlum.  \4  "i0J"  i0Jk222%  17  .3  Ԉ0    BrUnastaverkefniSeWlabanka0slandseraWtryggjastWugleikakr;nunnarogba  haginnfyrirstyrkingugengisins. sWustudgunumfyrirbankakreppunalkkaWi  gengikr;nunnarmjghratt.XegarbankarnirhrunduleiddiYaWtilYessaWinnlendigjald `  eyrismarkaWurinnlokaWistogkr;nanfllennhraWarerlendumgjaldeyrismarkaWi. S+! GengisfalliWogaukinverWb;lgasemafYvleiddihefurhaftalvarleghrifhagheimila " ogfyrirtkjavegnaYessaWst;rhlutiskuldaYeirraergengisbundinneWavsitlu # tryggWur.TilaWkomavegfyrirldugjaldYrotaogaukaennYannsamdrttsemYegar  $ erkominnframteljumviWYaWveraforgangsverkefniaWSeWlabanki0slandskomi !W% stWugleikagengikr;nunnar.i0Jkk݌J""& Ќ  "i0J"  i0Jp222%  18  .3  Ԉ0    ViWhfumsrstakarhyggjurafYvaWgengikr;nunnarverWifyrirskammtma #' YrUstingiYegarbiWverWuraWkomaeWlilegumgjaldeyrismarkaWi. X;ttviWteljum #( aWgengikr;nunnarsnmjgundirraunvirWihennarhefurhrunbankannaYriggjarUrt $ ) traustgjaldmiWlinumoghttanafverulegutflWifjrmagnsertluverW.Xettasr v%N!* staklegaviWvegnaYeirrar;vissusemrkirumlausafjrstWuhinsnUendurreistabanka A&"+ kerfis.ViWYurfumYessvegnaaWgrpatilsrtkraaWgerWatilaWmtaYessariskamm  '", tmahttu.XessumaWgerWumerlUstnstaliW;nstiliWurYareftirfjallarumstefn '#- unapeningamlumYegarendurunniWtraustgeturleyftokkuraWnotahefWbundintki ( viWstj;rnpeningamla.i0Jpp݌ Ќ  "i0J"  i0J~u222%  19  .3  Ԉ0    SlitiWtilmjgskammstmatlumviWaWbeitaeftirfarandiblnduafhefWbundn  umog;hefWbundnumaWgerWumtilaWkomavegfyrirfjrmagnstflWi: i0J~uu݌a Ќ  0  0 !00vAWhkkastUrivexti18%. ViWerumtilbintilaWhkkastUrivextinaennfrekar, T, enerummeWvituWumaWhkkunstUrivaxtangirekkieinogsrtilaWkomaveg  fyrirfjrmagnstflWiundirnverandikringumstWumsemerumjgsrstakar.vv  0  0!00vAWbeitamikluaWhaldiaWgangibankannaaWlnumfrSeWlabankanum. ViW   hyggjumstherWareglumumlausafjrstUringu,srstaklegaaWgangaWlausufYv  X skyniaWSeWlabankinngetihaftmeirafrumkvWiviWstj;rnungrunnfjr;ogviWhf K #  umhkkaWvaxtamunlausafjraWgangitilaWkomavegfyriraWdregiWverWium    ofmikiWlausafeftirYessumfarvegi.ViWhfumYrengtskilgreininguYeim    tryggingumsemSeWlabankinntekurgildar!nUtgefin;tryggWbankabrfverWaekki   lengurtekingild.ReynistYaWnauWsynlegterumviWreiWubintilaWaWlagareglurum wO  stj;rnungrunnfjrennfrekar,svosemmeWYvaWbreytagrunnviWmiWumfyrir B  meWaltalgjaldeyrisforWaogveWviWmiW.TilaWbyrjameWmunumviWleyfalitlasem    engaaukningulnumfrSeWlabanka. vv 0  0 !00vViWerumreiWubintilaWnotagjaldeyrisforWanntilaWkomavegfyrirof {  miklarsveiflurgengikr;nunnar. X;ttviWsumekkimeWgengismarkmiWog nF sumtilbinaWleyfagenginuaWnlgastjafnvgimilliframboWsogeftirspurnar 9 erumviWmeWvituWumaWofmiklarsveiflurgengiseru;skilegarogerumYv  reiWubintilaWnUtagjaldeyrisforWanntilaWstyWjaviWmarkaWinnefYrfkrefur.  GetaokkartilYesshefuraukistviWYaWaWgjaldeyrisforWinnhefurveriWstyrktur,svo r semrtterhraWneWan.e=vv 0  0 !00vViWerumreiWubinaWbeitatmabundnumgjaldeyrishftumfjrmagnsviW 0 skipti. ViWgerumokkurlj;staWslkhfthafatalsverWneikvWhrifoghyggjumst  afnemaYausvoflj;ttsemauWiWer.XauerunauWsynlegtilbrWabirgWaYartilviW  hfumtryggtaWstj;rntkipeningamlastefnuokkarsurttstillttilaWfstviW i mikla;vissuogskorttraustikjlfarbankahrunsins.\4vv  "i0J"  i0J222%  20  .3  Ԉ0    ViWgerumrWfyriraWtraustverWibrttendurvakiWYannigaWvextirgetilkkaW ' kjlfariW. XettaafturhvarftileWlilegsstandsgeturhafistumleiWogkr;nanverWur  stWugrigjaldeyrismarkaWnum,gjaldeyrismarkaWurmtirYrffyrirallaeftirspurneftir  gjaldeyrivegnaviWskiptaviWtlndogekkierlengurnauWsynlegtaWstyWjaviWmarkaW `  innmeWYvaWdragagjaldeyrisforWann.ViWgerumrWfyriraWnYessumarkiflj;t S+! legaaWYvgefnuaWviWskiptajfnuWurinnsnisthrattafgang,kr;nansennundir " raunvirWi,skilameWferWbankannaverWiekkitilYessaWgjaldeyrirflWirlandinu # nstariog!umframallt!meWYeirritlunogYeimstuWningiannarraYj;WasemlUst  $ erYessariviljayfirlUsingu.XettamungeraokkurkleiftaWslakahmlumlnveiting !W% umSeWlabankansogsmmsamanreiWaokkurafturstUrivextisemaWalstj;rntkipen J""& ingamlainnanrammasveigjanlegrargengisstefnu.0YessuefnireiknumviWmeWaW #' kr;nanstyrkistflj;ttogaWverWb;lgarsgrundvelliverWikomin4,5%viWlokrsins #( 2009ogaWkr;nanstyrkistennfrekarogverWb;lganhaldiframaWhjaWnariW2010.i0J݌$ ) Ќ  "i0J"  i0JŊ222%  21  .3  Ԉ0    Fnstillingstj;rntkjapeningamlastefnunnarererfiWvegna;venjumikillar;vissu v%N!* umstWupeningamla. Vegna;vissuumendurskipulagningubankakerfisins,heildar A&"+ lausafjrstWuogstWugleikahelstupeningastrWahyggjumstviWskoWaheildartlur  '", peningamlaviWlokokt;bermeWfulltrumAlYj;Wagjaldeyrissj;WsinsstraxogYr '#- liggjafyrirogleggjatillguraWbreytingumtluninniumstj;rnpeningamlafyrir ( framkvmdastj;rnsj;WsinsgeristYessYrf.tlanirokkarhafaaWgeymarsfj;rW  ungslegYkhreinarinnlendareignirogrsfj;rWungslegtlgmarkhreinagjaldeyris  stWuSeWlabanka0slands.i0JŊ݌a Ќ  "i0J"  i0J 222%  22  .3  Ԉ0    GjaldeyrishftinsemkomiWvartmabundiW10.okt;bersWastliWinntilaWmta T, snggugengisfallikr;nunnarogYrUstingigjaldeyrisforWannverWaafnumin  tmabilitlunarinnar. XessihftntiltakmarkanagjaldeyrisviWskiptumvegna  fjrmagnsflutninga.AfYeimskumhafamyndastvanskilgjaldeyrisgreiWslumhj   einkaaWilum.EftirfylgninYvlykilmarkmiWiaWstyrkjaviWskiptajfnuWinnsvoaWefla  X megigjaldeyrisforWannogkomaafturfrjlsugjaldeyrisflWigegnumbankakerfiW K #  styWurviWafnmgjaldeyrishaftannaYannigaWhgtverWiaWhreinsaupperlendvanskil    einkaaWila.MeWanYessustendurbiWjumviWumtmabundiWsamYykkiAlYj;Wagjald    eyrissj;WsinsfyrirYessumgjaldeyrishftumsamrmiviWstefnumiWsj;WsinsYeim   grundvelliaWYauhafaveriWsettafgreiWslujafnaWarstWumogfelaekkisrmis wO  munun.EnnfremurskuldbindumviWokkurtilaWleggjaekkifrekarihftgjaldeyris B  viWskiptinaWkomafjlgengisfyrirkomulagi.i0J :݌   Ќ  Stefnakjaramlum.  {   "i0J"  i0J|222%  23  .3  Ԉ0    MikilvgteraWnYj;WarsttsemersamrUmanlegviWYj;WhagslegformYessarar 9 tlunar. SagansUniraWstefnankjaramlumhrlandihefurveriWmjgskilvirk.  FyrrikjarasamningarhafastuttYj;WhagslegaaWlgunYegarYesshefurveriWYrf.AWilar  vinnumarkaWarinshafaviWurkenntnauWsynYessaWgerakjarasamningasemsamrUmast r YeirrialvarlegustWusemneruppi.i0J|݌e= Ќ  UtanaWkomandifjrmgnun.    "i0J"  i0J222%  24  .3  Ԉ0    HrunbankakerfisinshefurleittafsrtalsverWaYrffyrirerlentlnsf. ViWgerum i rWfyriraWYessiYrfs24milljarWarBandarkjadalatmabilinutillokarsins2010. \4 Xaraferuum19milljarWarvanskilvegnaskuldayfirteknubankannaYriggja,svoog ' fjrmagntilaWgerauppnauWsynlegargreiWslurtengdarerlenduminnstWum,enaf  gangurinnersj;WsYrfaWfjrhW5milljarWarBandarkjadala.ViWgerumrWfyriraW  2milljarWarBandarkjadalafistmeWlnifrAlYj;Wagjaldeyrissj;Wnumsemskilureftir `  afgangsfjrYrfernemur3milljrWumBandarkjadala.ViWgerumrWfyriraWYettabil S+! verWibraWmeWtvhliWalnssamningumogmunumljkaviWrWumYessefnisWuren " stj;rnsj;Wsinstekurmlokkarfyrir.MatYvhverniggenguraWmtafjrYrfokkar # verWurhlutiafrsfj;rWungslegumendurskoWunumokkarogsj;Wsins.i0J݌ $ Ќ  AWstoWAlYj;Wagjaldeyrissj;Wsins.  J""&  "i0J"  i0J222%  25  .3  Ԉ0    MeWtillititilhinnarsrstkufjrmgnunarYarfarokkarfrumviWframfjr #( stuWningstlunfyrirtmabiliWfrn;vember2008tiln;vember2010 aWfjrhW $ ) 1,4milljarWarSDRsemjafngildir1190%afkv;taokkar.tlunokkarerbyggWYeirri v%N!* stefnuogmarkmiWumsemlUsterYessariviljayfirlUsingu.ViWteljumaWsstefnasem A&"+ hrermrkuWsfullngjanditilaWnmarkmiWumtlunarinnar,einkumhvaWvarWar  '", YaWaWendurreisatraustslensktefnahagslf.ViWerumsamtsemWurreiWubinaW '#- grpatilfrekarirWstafanageristYessYrf.0slandmuneigasamrWviWAlYj;Wagjald ( eyrissj;WinnumslkarrWstafanirogWurenstefnumiWYessararviljayfirlUsingarverWa  endurskoWuWsamrmiviWstefnusj;WsinsumslktsamrW.ViWmunumeiganiWsam  rWviWsj;WinnsamrmiviWstefnusj;WsinsaWYessuleyti.i0Jɞ݌a Ќ  "i0J"  i0J5222%  26  .3  Ԉ0    Okkurerlj;stmikilvgiYessaWljkafyrstaskiptiryggisttektSeWlabanka T, 0slandsfyrirfyrstursfj;rWungsleguendurskoWuntlunarinnar. 0Yeimtilgangi  munSeWlabankinntakam;tisendinefndAlYj;Wagjaldeyrissj;Wsinssemframkvma  munslkattekt.SeWlabankinnmunveitaallarnauWsynlegarupplUsingarYvsambandi   fyrirfyrstuendurskoWunina.i0J5b݌ X Ќ  "i0J"  i0J222%  27  .3  Ԉ0    ViWveitumAlYj;Wagjaldeyrissj;WnumleyfitilaWbirtaYessaviljayfirlUsinguum K #  formokkarogtilheyrandiviWhengi,svoogskUrslustarfsliWssj;Wsinsumsama    efni. i0J>݌   Ќ  @$  L  M  L  M    Q.8 "p ZD "?vbQL  M  L  M  VirWingarfyllst, wO      $?& N$Q& DavWOddssonQ``)rniM.Mathiesen 5  Q & formaWurbankastj;rnarQ)fjrmlarWherra   Qoo & SeWlabanka0slandsQ1