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Dissemination Standards Bulletin Board Special Data Dissemination Standard (AS PROVIDED TO THE IMF BY THE RESPECTIVE COUNTRY)   Iceland Analytical accounts of the central bank (Accounts of the Central Bank of Iceland ) Last Posted: Oct-4-2007 Last Certified: Jan-15-2009 Last Updated: Dec-6-2002 Contact Person(s)          Printer Friendly Page   Mrs. Erla Árnadóttir, Central Bank of Iceland, Kalkofnsvegi 1, 150 Reykjavik, Iceland   Phone : 35 4 569 9600   Fax : 35 4 569 9601   Email : erla.arnadottir@sedlabanki.is  Dissemination Formats Access National Summary Data Page Cross-country comparisons: access the DSBB metadata query facility

The Data: Coverage, Periodicity, and Timeliness
Coverage characteristics	5.1.1 Statistical presentation Data are disseminated in millions of Icelandic krónur (ISK), based on the accounts of the Central Bank of Iceland (CBI). Data are disseminated for the following: (1) The monetary base (defined as issues of notes and coin and total deposits of deposit money banks (DMB's) at the CBI). (2) Net claims on general government, comprising net claims on central government and central government institutions. (The CBI does not lend to the local governments.) (3) Gross claims on DMB's and other financial institutions. (4) Gross claims on the rest of the nonfinancial domestic economy. (5) Gross foreign assets and gross foreign liabilities. Data are also disseminated on domestic marketable securities, total issues of notes and coin, DMB's liquid reserves, DMB's required reserves, and net foreign reserves.
Periodicity	4.1.1 Periodicity Monthly
Timeliness	4.1.2 Timeliness Within 1 week after the end of the reference month.
Access by the Public
Advance dissemination of release calendar	5.1.3 Advance release calendar Precise release dates for the analytical accounts of the central bank data during the next calendar year are disseminated on the website (http://www.sedlabanki.is). A regular notice to this effect is published in the CBI's Ársskýrsla (Annual Report).
Simultaneous release to all interested parties	5.1.4 Simultaneous release The data are released simultaneously to all interested parties by issuing a press release, Efnahagsreikningur Seðlabanka Íslands, which is sent to domestic media and other subscribers and is also available to all at the CBI head office. The press release is subsequently posted on the CBI's website (http://www.sedlabanki.is).
Integrity
Dissemination of terms and conditions under which official statistics are produced, including those relating to the confidentiality of individually identifiable information	0.1.1 Responsibility for collecting, processing, and disseminating statistics Central Bank of Iceland The compilation and publication of data by the Central Bank of Iceland (CBI) are based on the terms and conditions of the Central Bank of Iceland Act No. 36, of May 22, 2001 and the Exchange Act No. 87/1992.  The Central Bank of Iceland Act states in Art. 30 that "The Central Bank of Iceland compiles reports and prepares forecasts on monetary matters, the balance of payments and exchange rate and foreign exchange issues and other matters pertaining to the functions and policies of the Bank. The Central Bank shall, at no less frequent than quarterly intervals, publish reports on its monetary policy and monetary, exchange rate and foreign exchange developments and its measures in these areas. The Central Bank shall also issue an annual report in which it explains in detail its activities." Analytical accounts of the central bank The CBI is an independent institution owned by the State and operates under the terms and conditions of the Central Bank of Iceland Act No. 36, of May 22, 2001. This Act: (1) States in Art. 30 that "The Central Bank of Iceland compiles reports and prepares forecasts on monetary matters, the balance of payments and exchange rate and foreign exchange issues and other matters pertaining to the functions and policies of the Bank. The Central Bank shall, at no less frequent than quarterly intervals, publish reports on its monetary policy and monetary, exchange rate and foreign exchange developments and its measures in these areas. The Central Bank shall also issue an annual report in which it explains in detail its activities." (2) Requires in Art. 33 that the annual accounts of the CBI shall be published in the CBI's Ársskýrsla (Annual Report). (3) Stipulates in Art. 33 that the monthly balance sheet of the CBI shall be published. 0.1.2 Data sharing and coordination among data producing agencies Central Bank of Iceland The Central Bank of Iceland Act No. 36, of May 22, 2001 provides for the CBI to engage in mutual exchange of information with public authorities abroad relating to the items to which the present Act applies, provided that the party requesting information is subject to corresponding confidentiality. "The Central Bank of Iceland shall grant the Financial Supervisory Authority all the information held by the Bank and which may be utilised for the activities of the Financial Supervisory Authority. Information granted in accordance with the present Article is subject to confidentiality in accordance with the present Act and the Act respecting the Official Supervision of Financial Activities. The Central Bank and the Financial Supervisory Authority shall conclude a special agreement on co-operation further stipulating the co-operation between the two institutions." The Act does not state anything specific on the confidentiality of the data from individual banks. 0.1.3 Confidentiality of individual reporters' data Central Bank of Iceland The Central Bank of Iceland Act No. 36, of May 22, 2001 includes a confidentiality Article (Art. 35) which states that "Members of the Supervisory Board, Governors and other employees of the Central Bank of Iceland are bound by secrecy concerning the affairs of the customers of the Bank, the affairs of the Bank itself and other matters of which they gain knowledge in the course of their work and which should be kept secret according to law or the nature of the case, except where a judge may decree that information must be provided in court or to the police or there is a duty to provide information according to law. The duty to secrecy shall prevail even though employment may cease. "Members of the Supervisory Board, Governors and other employees of the CBI are not allowed to use confidential information which they gain through their employment with the Bank for pecuniary gain or to avoid financial loss in business transactions." Analytical accounts of the central bank "Notwithstanding [these provisions] above, the Central Bank may engage in mutual exchange of information with public authorities abroad relating to the items to which the present Act applies, provided that the party requesting information is subject to corresponding confidentiality. "The Central Bank of Iceland shall grant the Financial Supervisory Authority all the information held by the Bank and which may be utilised for the activities of the Financial Supervisory Authority. Information granted in accordance with the present Article is subject to confidentiality in accordance with the present Act and the Act respecting the Official Supervision of Financial Activities. The Central Bank and the Financial Supervisory Authority shall conclude a special agreement on co-operation further stipulating the co-operation between the two institutions." 0.1.4 Ensuring statistical reporting Central Bank of Iceland The Central Bank of Iceland Act No. 36, of May 22, 2001 and the Exchange Act No. 87/1992 make the collection of data mandatory for individual respondents. 1.1.2 Selection of sources, methodology, and modes of dissemination Central Bank of Iceland The CBI is an independent institution owned by the State (see the Central Bank of Iceland Act No. 36, of May 22, 2001). 1.2.1 Disclosure of terms and conditions for statistical collection, processing, and dissemination Central Bank of Iceland The Central Bank of Iceland Act No. 36, of May 22, 2001 and the Exchange Act No. 87/1992 are published in Icelandic in the Lagasafn (Statute Book) which is available to the public in all libraries in Iceland and can be purchased from the main bookstores in Reykjavik. In addition, the acts are accessible is Icelandic on the Althingi (Parliament) website (http://www.althingi.is) and on the CBI's website (http://www.sedlabanki.is). Copies can also be obtained from the CBI's Legal Services Department. (Phone: 354 5699600, Fax: 354 5699605.) The Central Bank of Iceland Act No. 36, of May 22, 2001 was published both in Icelandic and English in Peningamál (Monetary Bulletin) (vol. 2001,3), which is available to the public at the CBI and on its website under the category Publications (http://www.sedlabanki.is). Analytical accounts of the central bank The Act was published both in Icelandic and English in Peningamál (Monetary Bulletin), which is available to the public at the CBI and on its website under the category Publications (http://www.sedlabanki.is). The Act is also available in both Icelandic and English on the CBI's website under the category Seðlabanki Íslands: Lög og reglugerðir (Central Bank of Iceland: Law and regulations). In addition, the act is accessible in Icelandic on the Althingi (Parliament) Internet website (http://www.althingi.is).
Identification of internal government access to data before release	1.2.2 Internal governmental access to statistics prior to release Central Bank of Iceland No officials outside the Central Bank of Iceland have access to the data before their release to the public.
Identification of ministerial commentary on the occasion of statistical releases	1.2.3 Attribution of statistical products Central Bank of Iceland No ministerial commentary is attached to the release of the data. Analytical accounts of the central bank A technical commentary prepared by the CBI accompanies the release of the data.
Provision of information about revision and advance notice of major changes in methodology	4.3.1 Revision schedule The data are not routinely revised. If a revision of the data takes place, it is indicated in the publications, and the older data are changed for continuity. The year end data are preliminary until the official balance sheet is published in the Ársskýrsla (Annual Report). 1.2.4 Advance notice of major changes in methodology, source data, and statistical techniques. Major changes in bookkeeping methodology are explained in the Central Bank of Iceland's Ársskýrsla (Annual Report) at the time the changes are introduced.
Quality
Dissemination of documentation on methodology and sources used in preparing statistics	5.2.1 Dissemination of documentation on concepts, scope, classifications, basis of recording, data sources, and statistical techniques A summary of accounting policies is included in the notes to the accounts of the CBI disseminated in the Ársskýrsla (Annual Report).
Dissemination of component detail, reconciliations with related data, and statistical frameworks that support statistical cross-checks and provide assurance of reasonableness	4.2.1 Internal consistency The CBI publishes monthly a fully reconciled balance sheet on its website (http://www.sedlabanki.is). 4.2.2 Temporal consistency The CBI's website Hagtölur Seðlabankans publishes monthly time series data for the following: (1) claims on the nonbank sector, with a breakdown by sector; (2) claims on banks, with a breakdown by instrument; (3) deposits of the nonbank financial sector; (4) other items (net); and (5) the monetary base, with a breakdown by instrument. The Peningamál (Monetary Bulletin) publishes three times a year the most resent balance sheet items and one-month changes for the previous the months for the following: (1) the foreign position; (2) claims on government; (3) claims on banks; and (4) the monetary base, with a breakdown by holder (banks and the nonbank sector). The Ársskýrsla (Annual Report) publishes monthly time series data showing the fully reconciled accounts for the end of each month of the year.
Footnotes Last posted: Date IMF staff last posted an update to these metadata on the DSBB. Last certified: Date subscriber last officially certified the accuracy of these metadata. Last updated: Date subscriber last submitted an update of these metadata to the IMF.