Icelandic business sector urged to prioritize Icelandic language over English by Eva María Jónsdóttir

The Icelandic business sector needs to show greater interest in the Icelandic language rather than relying solely on English, asserts Eva María Jónsdóttir, vice-chair of the Icelandic Language Council. She emphasizes that it is unacceptable for banks to release their financial reports exclusively in English. Currently, two out of the three major commercial banks—Arion Bank and Íslandsbanki—publish their quarterly reports only in English, while Landsbankinn is the only one providing complete reports in both Icelandic and English.

Eva María argues that there is a need for these banks to improve their language offerings. She noted, “It is interesting that one bank manages to publish in Icelandic, while the other two do not.” According to the Icelandic Language Act, the national language is a common means of communication for citizens, and the government must ensure its use across all spheres of Icelandic society.

She stresses that if the finance sector struggles to incorporate Icelandic terms, then it should strive to improve this rather than resorting to English and leaving the Icelandic language behind. While she acknowledges that publishing financial information in English is not a violation of the law, she calls for higher ambitions from Icelandic businesses. “In such matters, there are no penalties. The Icelandic Language Council and the authorities have appealed to the conscience of citizens and company leaders instead of enforcing strict legal compliance with consequences,” she stated.

The law requiring annual reports to be in Icelandic specifies that amounts must be listed in Icelandic króna, though businesses may prepare reports in English if necessary for international finance. However, these English reports must still include an Icelandic translation.