In the wake of the restructuring of the Icelandic banking system, Icelandic State Financial Investments (ISFI) has, in accordance with Act no. 88/2009, been entrusted with the task of managing the state’s holdings in financial undertakings.
With a letter from the Minister of Finance, dated 4 January 2010, ISFI was entrusted with the task of managing the state’s holdings in Arion Bank (13%), Íslandsbanki (5%) and Landsbankinn (NBI hf) (81,3%). On 11 April 2013 the state gained larger holdings in Landsbankinn, a total of 97,9% in accordance to an agreement between the bank and Landsskil hf. dated 15 December 2009.
On 31 August 2010 the ISFI assumed the ownership role regarding the state‘s holdings in the savings bank Sparisjóður Norðfjarðar (49,5%), followed by the savings banks Sparisjóður Bolungarvíkur (90,9%) and Sparisjóður Vestmannaeyja (55,3%) on 16 December 2010 and Sparisjóður Svarfdæla (90%) and Sparisjóður Þórshafnar og nágrennis (75,9%) on 5 January 2011. On 4 July 2013 Sparisjóður Svarfdæla and Sparisjóður Þórhafnar og nágrennis merged forming Sparisjóður Norðurlands. On 30 June Sparisjóður Bolungarvíkur merged with Sparisjóður Norðurlands. The state now holds 79,2% in Sparisjóður Norðurlands.At present the government holding in financial undertakings is 100,0% of shares in Islandsbanki hf., 98,2% in Landsbankinn hf., 13,0% in Arion banki hf. and 49,5% in Sparisjóður Austurlands hf.