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New version of Landsbankinn’s General Terms and Conditions

Landsbankinn has published a new version of its General Terms and Conditions. This new version includes updated provisions for the processing of personal data, provisions for accounts and payments in foreign currency and reference rate, as well as provisions for information provision and notices to the Bank’s customers. The new Terms and Conditions apply to new customers as of 1 September 2019, and as of 1 November 2019 to current customers.

General Terms and Conditions of Landsbankinn hf. (new version)

Main changes to the General Terms and Conditions are:

  1. Information disclosure and notices to customers (sections 1.2, 2.9, 4.4 and 4.6): New communications channels between the Bank and customers will be taken into use to convey messages, information and notices about banking business, including changed terms and conditions, interest rates and costs.
  2. Processing of personal data (section 2.1): Provisions pertaining to the Bank’s authorisations to process personal information are clarified. This includes new provisions on instruction about which information the Bank may source from third parties to process customer loan requests, as well as sharing of information about the loans and customer liabilities to third parties in the case of default.
  3. Accounts and payments in foreign currency and reference rate (section 4.5): This provides that exchange rates used to convert foreign payment card transactions and transactions in a currency other than the base currency of a payment card can vary based on changes to the exchange rate quoted by the relevant payment card company plus a premium or, as the case may be, discounts.

In accordance with the Act on Payment Services, current customers may notify the Bank of termination of the master agreement on payment services prior to 1 November 2019, should they not wish to approve these amendments. Current customers are considered to have approved changes if they do notify the Bank otherwise prior to 1 November 2019.

Forsíða - 30 July 2020 04:05 PM

Financial results of Landsbankinn in H1 of 2020

Landsbankinn's after-tax performance was negative by ISK 3.3 billion during the first half of 2020, compared with a profit of ISK 11.1 billion during the same period in 2019. Loan impairment amounted to ISK 13.4 billion during the period, equal to about 1.1% of the bank‘s loan portfolio, compared with an impairment of ISK 2.4 billion in the same period last year.


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Weekly bulletin - 27 July 2020 08:57 AM

Icelandic Economic Weekly: Monday 27 July 2020

The CPI based on prices in mid-July increased 0.15% between months. Arion Bank published preliminary financial results for Q2. Icelandair Group also published preliminary financial results for Q2. The CBI release the minutes of the Financial Stability Committee meeting in June.


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Forsíða - 24 July 2020 01:50 PM

Landsbankinn is the best bank in Iceland in the assessment of Euromoney

The international business and finance magazine Euromoney has chosen Landsbankinn as the best bank in Iceland, and this is the second year in a row that the bank receives this recognition.


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