Iceland’s finance minister confirms ongoing preparations for Íslandsbanki sale

Iceland’s Finance Minister, Sigurður Ingi Jóhannsson, has confirmed that preparations are ongoing for the planned sale of the remaining government stake in Íslandsbanki. The timing of the sale is deemed critical.

This past spring, the Althingi (Iceland’s parliament) approved a bill allowing the government to sell its shares in two phases. Currently, the state holds a 42.5 percent stake in the bank, valued at between 90 to 100 billion ISK (Icelandic króna).

In an interview following yesterday’s cabinet meeting, Sigurður Ingi noted that preparations have been underway since the matter was introduced to parliament. The plan is to sell the first portion this autumn and the second next year.

“We need to choose the right time based on market conditions and the bigger picture. This work has been ongoing since spring,” he added.