About us
The Icelandic Financial Institutions’ Guarantee Fund (TVF) is a private foundation operating pursuant to Act No. 98/1999, with subsequent amendments. The objective of the Act is to provide depositors and customers of financial undertakings with minimum protection against financial difficulties of financial undertakings in accordance with the provisions of the Act and the Act on the Procedure of Credit Institutions and Investment Firms, no. 70/2020.
TVF operates in three independent divisions, i.e. Deposit Division, the Securities Division and the Resolution Fund. The operation of the Deposit Division and the Securities Division is subject to the provisions of Act no. 98/1999. Contributions to the Resolution Fund as well as payments from the fund are governed by Act no. 70/2020. TVF has by law been entrusted with the administration of the fund, which mainly consists of the preservation and return of the fund's assets.
Commercial banks, savings banks, investment firms, and, where applicable, credit institutions, UCITS management companies and AIF managers, shall be members of the Funds’ Deposit and Securities Divisions, provided that they are established in Iceland. The same applies to any branches of such parties within the European Economic Area and in the Member States of the Treaty establishing the European Free Trade Association. Member Companies shall not be liable for the funds’ obligations beyond their statutory contributions to the fund.
The Fund is subject to surveillance by the Icelandic Financial Supervisory Authority.
Managing Director is Brynjar Kristjansson.
Legislation
The Icelandic Guarantee Fund for Financial Undertakings (previously the Icelandic Depositors’ and Investors’ Guarantee Fund) was established on December 28, 1999. The Fund is subject to the provisions of Act No. 98/1999, with subsequent amendments. Regulation no. 120/2000 on Deposit Guarantees and Investor Compensation Schemes has been enacted under Act No. 98/1999 and applies to the fund...
The provisions of Act no. 98/1999 are largely based on European legislation. Rules on the Fund’s Deposit Division are based on Directive 94/19/EC of the European Parliament and of the Council. The Directive ensures that the main elements of the deposit guarantee schemes are harmonized across the European Union (EU) and EEA (EEA includes Iceland, Norway and Liechtenstein). A new Directive 2014/49/EU on Deposit Guarantee Schemes was implemented in April 2014 at EU level and has been implemented in the European Union, but has not been incorporated into the EEA Agreement and has therefore not been transposed into Icelandic law. Rules on the Fund’s Securities Division are largely based on the provisions of Directive of the European Parliament and of the Council no. 97/9/EC on investor-compensation schemes.
The Resolution Fund is subject to the provisions of Act no. 70/2020 on Recovery and Resolution of Credit Institutions and Investment Firms. TVF handles the fund’s administration.
All Icelandic commercial banks and savings banks are obliged to be members of TVF. The same applies to branches of such parties within the EEA and EFTA.
