Landsbanki Foroya (Central Bank of Faeroe Islands)

By: EconomyWatch   Date: 9 September 2010

About The Author

EconomyWatch

The core Content Team our economy, industry, investing and personal finance reference articles.

EconomyWatch, Content Team

 

  • Dot Div
  •      

Landsbanki Foroya is the national bank of the Faeroe Islands. Faeroe Islands are a group of islands in the North Atlantic Ocean. These Faeroe Islands are an autonomous region of the Kingdom of Denmark since 1948.

The Governmental Bank Act states the following objective of Landsbanki Foroya.

“The bank shall act in the public interest and shall endeavor to ensure a secure financial system within the Faeroes, as well as the stable development of the Faroese community as a whole.”

With the above-mentioned objective in mind the bank undertakes following activities:

To be the banker to the government

Through this function the bank exercises the role of the financial administrator for the country, fundamentally with respect to the national treasury. The bank is also required to act as the fiscal advisor/administrator for various public bodies/agencies in the country and keep a strict vigil over the Faeroese financial market. The bank is also required to ensure the interim liquidity of the national treasury.
To ensure a secure financial system

As part of this function, the bank is required to provide up-to-date information on the economic trends in the country to the economic agents of the country.

The bank is also supposed to call for fiscal adjustments and necessary corrections in order to ensure the overall growth of the national economy. As per the Home Rule Act, the Faeroese Government is responsible for the Faeroese economic policy.

Work towards ensuring the stable development of the Faeroese community as a whole

Towards this function the bank is required to collect and disseminate necessary data and knowledge about the current status of the Faeroese economy. Work towards ensuring the stable development of the Faeroese community as a whole

Towards this function the bank is required to collect and disseminate necessary data and knowledge about the current status of the Faeroese economy


  • Dot Div
  •      

Related News

Greece Economy
Greece Must End Its Doomed Marriage With The Eurozone: Nouriel Roubini
21 May 2012
Advice for Goldman Sachs Social Media Manager
Companies & Investments
Advice for Goldman Sachs Social Media Manager
18 May 2012
Can Hollande Change the Balance of Power in Europe? : Zaki Laidi
Europe Economy
Can Hollande Change the Balance of Power in Europe? : Zaki Laidi
17 May 2012
What the West Can Learn From Islamic Banking
Banking and Finance
What the West Can Learn From Islamic Banking
16 May 2012
12 Predictions for the Chinese Economy: Michael Pettis
China Economy
12 Predictions for the Chinese Economy: Michael Pettis
15 May 2012
Thanks For Your Continued Support!
World Economy
Thanks For Your Continued Support!
14 May 2012

See more related news

Most Popular in Central Banks

Related Links
blog comments powered by Disqus