On 24 November 2016, Parliamentary Act No. 116 on the Faroe Islands Governmental Bank and the Faroe Islands Systemic Risk Advisory Council was promulgated, and, pursuant thereto, the Governmental Bank was re-established on 1 January 2017.
Article 1 of Parliamentary Act No. 116 states that the Governmental Bank is a public financial and research institution that shall endeavour to ensure the financial stability of the Faroe Islands.
In addition to being the Government’s financial and research institution, the Governmental Bank also serves as the administrative office of the Faroe Islands Systemic Risk Advisory Council, pursuant to Article 24 of Parliamentary Act No. 116. The Governmental Bank also serves as the administrative office of the Economic Council, pursuant to Article 4 of Parliamentary Act No. 72. The Board of Directors of Landsbanki Føroyar are also the Economic Council, according to Article 2 of Parliamentary Act No. 72.
In addition, the Governmental Bank provides administrative services to the Labour Market Pension Fund and the Executive Director of the Governmental Bank also serves as the Managing Chair of the Fund’s governing board.
In Parliamentary Act No. 81 (2011) on the Faroe Islands Permanent Endowment Fund, there is a stipulation that the Governmental Bank shall administer the Fund.
Provided below are links to various legislative Acts of the Faroese Parliament: