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Nordic Financial Crisis Exercise completed

24.9.2007

The Nordic Financial Crisis Exercise of financial authorities in the Nordic and Baltic countries has been completed. The authorities participating on behalf of Iceland were the Financial Supervisory Authority (FME), the Central Bank of Iceland and the Ministry of Finance.

The purpose of the exercise was to test the authorities for the event of a cross border financial crisis. The focus of the exercise was on the coordination of decision making between organizations in the participating countries, the Nordic/Baltic area, being characterized by commercial banks conducting cross border business.

The exercise is exclusively a result of the participating authorities’ whishing to test their co-operation and coordination procedures. Information about the exercise was first published on the FME website 18. January 2007.

There are no particular events related to any specific institutions or to any of the Nordic/Baltic financial markets that has induced the execution of the exercise. Thus, neither the timing nor the contents of the exercise should be interpreted as an indication of changed financial stability assessments among the relevant authorities.

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