The fruits of the Bank’s labours to advance digital technology became clear in 2018 when several new solutions in digital technology for both corporate and private customers were introduced. Landsbankinn considers digital technology and personal business relationships to go hand in hand.
|Categories of assets for sale at year-end 2018:|
|Building sites for residential apartments and commercial housing||31|
|Building sites for cottages||248|
|Other real estate||3|
|Vehicles and equipment||5|
|Assets sold in 2018 fell into the following categories:*||Number||Total sales value|
|Building sites for cottages||17||36,049,550|
|Vehicles and equipment||72||60,762,772|
|Shareholdings in companies||2||3,956,352,643|
*Securities and other financial instruments listed for trade on a registered market are sold on the market and that process is considered an open sale process. Such transactions are not included in the table above.
|State's profit from Landsbankinn holding|
|Initial capital contribution||-122,000|
|Interest on initial capital contribution||-71,693|
|Extrapolated interest impact**||-6,637|
|Interest in equity||238,347|
|State's net profit||168,677|
* Based on the book value of equity as at 31.12.2018
** Extrapolated interest on interest payments and dividendsAll amounts in ISKm
The governance structure of Landsbankinn forms the foundation for solid relations between shareholders, the Board of Directors, executives, employees and other stakeholders and encourages objectivity, integrity, transparency and responsibility in the Bank’s management. Landsbankinn adheres to recognised guidelines on corporate governance and regularly reviews the Bank’s compliance with such guidelines.
In April 2018, the Centre of Corporate Governance renewed its recognition of Landsbankinn as a model of corporate governance for the period 2017-2018 based on a review undertaken by Deloitte ehf. of the Bank's governance practices in January 2017. The aim is first and foremost to encourage debate and actions that promote good corporate governance.
A new Act on Data Protection and the Processing of Personal Data entered into force on 15 July 2018, transposing the EU General Data Protection Regulation into Icelandic law. Landsbankinn was well prepared for the new Act and, in June 2018, the Bank adopted a new policy on data protection and the processing of personal data. The Bank has updated related work processes and rules. The Bank’s personnel has received comprehensive instruction about the new data protection law and the resulting changes to work procedures.
Shortly before the law entered into force, Landsbankinn opened a Customer Data Rights Portal on its website. Individuals can use the portal to, amongst other things, request access to their own personal data that the Bank uses in its operation, and request correction or deletion of certain personal data from the Bank's systems. In 2018, Landsbankinn processed around 250 access requests to personal data from customers.
Landsbankinn seeks to fulfil the strictest requirements made domestically and internationally of financial undertakings with regard to combating money laundering and terrorist financing.
Landsbankinn implemented a new electronic control system in 2018 which is an important aspect of monitoring daily transactions. Electronic control systems play an important role in preventing Landsbankinn's operations from being misused for money laundering or terrorist financing purposes. Work also began on implementing a new Act on Actions to Combat Money Laundering and Terrorist Financing that entered into effect on 1 January (Act No. 140/2018). As provided for by the Act, the Bank will risk-assess its operations, as well as customers.