Minister Alfreðsdóttir advocates for Icelandic language use in financial reporting at Arion Bank and Íslandsbanki

Lilja Alfreðsdóttir, Iceland’s Minister of Culture and Business, has emphasized the importance of the Icelandic language in discussions with the CEOs of Arion Bank and Íslandsbanki. Both banks currently publish their quarterly financial reports only in English, while their annual accounts are available in Icelandic due to legal requirements.

Alfreðsdóttir stated that it is essential for information about the banks’ operations and financial performance to be presented in Icelandic, especially since both institutions are publicly traded. The bank executives agreed, expressing a strong commitment to prioritize the Icelandic language in their operations. However, Alfreðsdóttir acknowledged that for banks and companies operating internationally, translating their information into English is a necessity.

She warned that if the use of Icelandic is neglected, its future vitality could be jeopardized. Alfreðsdóttir believes that organizations generally respond well to feedback, noting that both bank leaders displayed a positive attitude towards making changes. She highlighted that publishing financial information in Icelandic is crucial for improving financial literacy among individuals and families, which in turn enables them to make more informed financial decisions.

Alfreðsdóttir described this matter as an economic issue, elucidating the potential impact of language accessibility on overall economic engagement and decision-making. The Minister expressed optimism that future legislative reviews would take into account the need for financial disclosures to be available in Icelandic, thus supporting the country’s linguistic heritage in the business sector.