Commercial-banks-and-Savings-banks_-1999 by fanzhongqing

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									                             COMMERCIAL BANKS:                        PROFIT AND LOSS ACCOUNT 1999


                                                      Lands-                           Búnaðar-                       Sparisjóða-       Commercial
                                                       banki           Íslands-           banki                          banki            banks
     - Thousands of krónur -                        Íslands hf.        banki hf.       Íslands hf.       Total        Íslands hf.         Total
1.   Interest receivable etc.:
     1.1. From credit institutions etc.               1,047,903          1,478,459         530,641        3,057,003        948,842         4,005,845
     1.2. On loans and advances etc.                 12,714,634          8,794,421       8,133,815       29,642,869        893,948        30,536,817
     1.3. On debts evidenced by certificates etc      1,824,079          1,720,993         681,006        4,226,078        326,053         4,552,131
     1.4. Other interest receivable etc.                 17,150            272,493             118          289,761              0           289,761
           Total                                     15,603,766         12,266,366       9,345,580       37,215,713      2,168,843        39,384,556
2.   Interest payable etc.:
     2.1. To credit institutions                      1,185,084            936,124         183,781        2,304,989      1,348,952         3,653,941
     2.2. On deposits etc.                            4,987,143          4,047,442       3,817,855       12,852,440          1,273        12,853,713
     2.3. On bonds issued etc.                        3,231,372          2,435,085       1,615,930        7,282,387        433,394         7,715,781
     2.4. On subordinated liabilities                   273,200            235,202          82,408          590,810              0           590,810
     2.5. Other interest payble etc.                    297,535            394,386          30,981          722,902         38,501           761,403
           Total                                      9,974,334          8,048,239       5,730,955       23,753,528      1,822,120        25,575,648
     Calculated inflation adjustment                   (16,454)          (135,366)       (145,213)        (297,033)       (46,073)         (343,106)

A. NET INTEREST INCOME                                5,612,978          4,082,761       3,469,412       13,165,152       300,650         13,465,802

3.   Dividends from shares, other holdings etc.         428,432            518,829         128,407        1,075,669       292,514          1,368,183
4.   Commissions receivable etc.                      2,075,138          1,707,088       1,881,793        5,664,020       113,367          5,777,387
5.   Commissions payable                                251,192            367,420         245,078          863,690        15,990            879,680
6.   Value adjustm. of other financial operations       463,249            272,474       1,296,598        2,032,321       101,222          2,133,543
7.   Other operating income                             251,025            273,975          83,992          608,992         7,970            616,962

B. PROFIT ON FINANCIAL ITEMS                          8,579,630          6,487,707       6,615,125       21,682,462       799,733         22,482,195

8.  General administrative costs
    8.1. Wages and wage-related expenditure           3,160,661          2,186,249       2,029,927        7,376,837       162,602          7,539,439
    8.2. Other administrative costs                   2,110,864          1,587,932       1,632,889        5,331,685       193,566          5,525,251
         General administrative costs, total          5,271,525          3,774,181       3,662,816       12,708,522       356,168         13,064,690
9. Depreciation of tangible assets etc.                 444,073            209,617         353,848        1,007,538        12,257          1,019,795
10. Other operating expenses                            237,741             37,271          47,681          322,693             0            322,693
11. Provisions for bad and doubtful debts             1,106,188            585,241         846,341        2,537,770       121,134          2,658,904
12. Value adjustm. of investm. securities etc.                0                  0               0                0             0                  0

C. PROFIT ON ORDINARY ACTIVITIES
     BEFORE TAXES                                     1,520,104          1,881,397       1,704,439        5,105,940       310,174          5,416,114

13. Taxes
    13.1. Calculated income tax                                   0       120,240          482,748         602,988         92,980           695,968
    13.2. Tax on net worth                                        0         8,863              338           9,201         10,319            19,520
          Total                                                   0       129,103          483,086         612,189        103,299           715,488

D. PROFIT/LOSS ON ORDINARY
     ACTIVITIES AFTER TAXES                           1,520,104          1,752,294       1,221,353        4,493,751       206,875          4,700,626

14. Profit/loss on extraordinary activities                       0                0                 0           0                  0             0


E. NET PROFIT/LOSS FOR THE YEAR                       1,520,104          1,752,294       1,221,353        4,493,751       206,875          4,700,626




                                                              109
                               COMMERCIAL BANKS:                      BALANCE SHEET PR. 31.12. 1999


                                                      Lands-                          Búnaðar-                        Sparisjóða-       Commercial
                                                       banki          Íslands-           banki                           banki            banks
ASSETS             - Thousands of krónur -          Íslands hf.       banki hf.       Íslands hf.         Total       Íslands hf.         Total

 1. Cash and demand dep. with centr. bank etc.        3,175,562         2,643,344       2,371,180         8,190,086       753,357          8,943,443

 2. Treasury bills and other bills eligible for
    refinancing with central banks                    4,451,416                   0        49,823         4,501,239      1,239,099         5,740,338

 3. Loans and advanc. to credit institutions etc.
    3.1. Required deposits with central banks         5,205,798         3,110,900       2,904,070        11,220,768     3,888,993         15,109,761
    3.2. Loans and advances to credit instit.        10,111,833        18,460,137       9,227,308        37,799,278    19,516,463         57,315,741
         Total                                       15,317,631        21,571,037      12,131,378        49,020,046    23,405,456         72,425,502

 4. Loans and advances etc.
    4.1. Loans and advances to customers            131,909,499        84,401,514      80,530,280       296,841,293      8,116,656       304,957,949
    4.2. Lease contracts                                322,503                 0               0           322,503              0           322,503
    4.3. Appropriated assets                          1,240,149           550,258         472,231         2,262,638              0         2,262,638
         Total                                      133,472,151        84,951,772      81,002,511       299,426,434      8,116,656       307,543,090

 5. Bonds and other fixed rate
    securities                                       22,929,362        15,953,375      10,712,951        49,595,688      5,773,488        55,369,176

 6. Shares and other variable-yield
    securities                                        2,195,500         2,200,540       6,819,320        11,215,360       403,298         11,618,658

 7. Shares in associated undertakings                 5,372,867          920,043        1,074,392         7,367,302       702,660          8,069,962

 8. Shares in affiliated undertakings                   784,145         1,580,476            9,241        2,373,862                 0      2,373,862

 9. Intangible assets                                             0               0                 0             0                 0             0

10. Tangible assets
    10.1. Buildings and land                          3,156,560         2,053,891       2,506,440         7,716,891       218,009          7,934,900
    10.2. Equipment, machinery etc.                   1,392,356           559,005         503,032         2,454,393        26,525          2,480,918
          Total                                       4,548,916         2,612,896       3,009,473        10,171,285       244,534         10,415,819

11. Operating lease assets                                        0               0                 0             0                 0             0

12. Other assets                                        640,447          541,290          162,502         1,344,239        17,300          1,361,539

13. Prepayments and accrued income                      325,897          593,497          316,988         1,236,383        15,030          1,251,413

    Total assets                                    193,213,895       133,568,270     117,659,760       444,441,925    40,670,878        485,112,803




                                                              110
                                  COMMERCIAL BANKS:                      BALANCE SHEET PR. 31.12. 1999


                                                          Lands-                       Búnaðar-                    Sparisjóða-       Commercial
                         -Thousands of krónur-            banki           Íslands-      banki                        banki             banks
LIABILITIES                                              Íslands hf.     banki hf.     Íslands hf.     Total       Íslands hf.          Total

1.   Amounts owed to credit institutions etc.
     1.1. Debts repayable on demand                                0       1,123,977     1,837,239     2,961,216             0          2,961,216
     1.2. Other debts owed to credit institutions         26,807,796      13,694,564     5,173,074    45,675,434    29,911,397         75,586,831
          Total                                           26,807,796      14,818,541     7,010,313    48,636,650    29,911,397         78,548,047

2.   Deposits
     2.1. Demand deposits                                 38,695,429      24,514,102    43,098,881   106,308,412      3,358,499       109,666,911
     2.2. Time deposits (up to 3 months)                  21,710,491      21,832,966     6,829,800    50,373,257              0        50,373,257
     2.3. Time deposits ( > 3 months)                     13,060,058      10,753,436    11,063,338    34,876,832              0        34,876,832
     2.4. Special deposits                                 4,653,135          11,459        11,115     4,675,709              0         4,675,709
          Total                                           78,119,114      57,111,963    61,003,134   196,234,210      3,358,499       199,592,709

3.   Debts evidenced by certificates
     3.1. Debt securities in issue                        16,405,192      20,875,342     5,064,577    42,345,111      2,281,914        44,627,025
     3.2. Securities owed to credit institutions          51,652,734      24,061,331    33,245,381   108,959,446        835,121       109,794,567
     3.3. Other debts                                      2,147,639       3,184,950        59,081     5,391,670      2,151,001         7,542,671
          Total                                           70,205,565      48,121,623    38,369,039   156,696,227      5,268,036       161,964,263

4.   Other liabilities                                       805,118         973,618     1,064,668     2,843,404       151,022          2,994,426

5.   Accruals and deferred income                            753,769         697,140       266,161     1,717,070        45,396          1,762,466

6.   Provisions for liabilities and charges
     6.1. For pension commitments                            470,695               0             0       470,695        18,009            488,704
     6.2. For deferred taxes                                       0         120,240       755,433       875,673       116,331            992,004
     6.3. Other provis. for liabilities & charges                  0               0             0             0             0                  0
          Total                                              470,695         120,240       755,433     1,346,368       134,340          1,480,708

7.   Subordinated liabilities                              4,660,753       2,583,970     2,119,397     9,364,121                 0      9,364,121

8.   Owners' equity
     8.1. Share capital/Guarantee capital                  6,500,000       3,851,478     4,030,928    14,382,406        602,767        14,985,173
     8.2. Reserves                                           858,048         577,855     1,267,236     2,703,138        241,632         2,944,770
     8.3. Revaluation account accord. to infl. account       422,739         777,671       418,115     1,618,525         97,016         1,715,541
     8.4. Rev. account other than cov. by item 8.3                 0               0             0             0              0                 0
     8.5. Retained earnings                                3,610,298       3,934,171     1,355,336     8,899,805        860,773         9,760,578
          Total                                           11,391,085       9,141,175     7,071,614    27,603,874      1,802,188        29,406,062


     Total liabilities and owners' equity                193,213,895     133,568,270   117,659,760   444,441,925    40,670,878        485,112,803


OFF-BALANCE SHEET ITEMS

1.   Guarantees etc.
          Guarantees issued                                7,437,453       3,609,941     5,139,303    16,186,697       765,563         16,952,260

2.   Other commitments
           Sale with an option to repurchase                       0               0     4,875,282     4,875,282      3,597,870         8,473,152
           Irrevocable loan commitments                   10,549,700       7,146,849     5,835,100    23,531,649              0        23,531,649
           Credit equivalent of derivatives                  597,100         851,000       527,000     1,975,100              0         1,975,100




                                                                   111
          COMMERCIAL BANKS: DIVERSE FIGURES FROM THE ANNUAL ACCOUNTS


                                                   Lands-                      Búnaðar-                         Sparisjóða-       Commercial
                                                    banki       Íslands-          banki                            banki            banks
- Thousands of krónur -                          Íslands hf.    banki hf       Íslands hf.         Total         Íslands hf         Total

LOANS AND ADVANCES TO CUSTOMERS
Specification by types of loans:
 Overdrafts                                       25,430,105     16,271,957     15,627,167        57,329,229         678,589        58,007,818
 Produce/Operational credits                       5,274,602        487,618      1,263,757         7,025,977         795,039         7,821,016
 Bills of exchange                                 2,080,165      1,390,899      3,014,576         6,485,640         100,908         6,586,548
 Debentures                                       98,845,994     66,206,200     60,249,770       225,301,964       6,542,120       231,844,084
 Letter of credit redeemed                            69,633         39,951        163,553           273,137               0           273,137
 Other loans                                         209,000          4,889        211,457           425,346               0           425,346
               Total                             131,909,499     84,401,514     80,530,280       296,841,293       8,116,656       304,957,949

Specification by sectors:
 Central government and state owned enterprise          1.1%            0.0%          0.7%             0.7%            0.0%              0.7%
 Municipalities                                         3.8%            1.3%          2.6%             2.8%            1.3%              2.7%
 Enterprises:                                          71.3%           66.1%         71.1%            69.8%           98.7%             70.5%
   Agriculture                                          1.5%            1.0%          6.9%             2.8%            2.3%              2.8%
   Fisheries                                           31.3%           28.7%         18.3%            27.0%           43.3%             27.5%
   Commerce                                            15.5%           12.7%         13.1%            14.0%            0.0%             13.7%
   Manufacturing                                        7.6%            8.5%          7.7%             7.9%            0.0%              7.7%
   Housebuilding contractors                            1.7%            2.4%          4.3%             2.6%            0.0%              2.5%
   Communication                                        2.2%            0.0%          1.8%             1.5%            2.8%              1.5%
   Electric power                                       0.5%            0.0%          0.0%             0.2%            0.0%              0.2%
   Services                                            11.0%           12.8%         19.0%            13.7%           50.2%             14.7%
 Households                                            23.8%           32.6%         25.6%            26.8%            0.0%             26.1%
               Total                                  100.0%          100.0%        100.0%           100.0%          100.0%            100.0%

LEASE CONTRACTS                                      322,503               0                 0       322,503                  0        322,503

ALLOWANCE ACCOUNT FOR CREDIT LOSSES
 Balance 1.1.1999                                  2,485,896      1,716,500      1,643,505         5,845,900        311,254          6,157,154
 Provisions for the year                           1,106,188        585,241        846,341         2,537,770        121,134          2,658,904
 - Loans written off                               (768,283)      (458,505)      (673,481)       (1,900,269)             (0)       (1,900,269)
 Collected previously written off loans               38,812         19,764          8,379            66,956               0            66,956
 Balance 31.12.1999                                2,862,613      1,863,000      1,824,744         6,550,357        432,388          6,982,745

OWN FUNDS AND SOLVENCY RATIO
 Own funds according to law:
  Own funds - A (Tier 1)                           11,391,085     9,141,175       7,071,614        27,603,874     1,802,188          29,406,062
  Own funds - B (Tier 2)                            4,160,432     2,583,970       2,119,397         8,863,799             0           8,863,799
  Own funds - C (Tier 3)                              433,380             0               0           433,380             0             433,380
  - items deducted according to law               (2,650,423)     (671,813)     (1,100,300)       (4,422,536)     (218,958)         (4,641,494)
  Own funds total                                  13,334,474    11,053,332       8,090,711        32,478,517     1,583,230          34,061,747
  Risk assets                                    138,539,461     92,691,739      89,031,882      320,263,082     15,466,868        335,729,950
  Solvency ratio                                        9.6%         11.9%            9.1%             10.1%         10.2%               10.1%

CHANGES IN OWN FUND
 Own funds 1.1.1999                                9,741,059      7,452,556      6,137,709        23,331,324       1,420,389        24,751,713
 Prior period adjustments                                   0              0              0                 0               0                 0
 New paid-up share/guarantee capital                        0              0              0                 0        136,283           136,283
 Revaluation of assets during the year               513,468        311,027      (104,661)           719,834          24,403           744,237
 Calculated inflation adjustment                      16,454        135,366        145,213           297,033          47,235           344,268
 Dividend paid                                     (400,000)      (387,748)      (328,000)       (1,115,748)        (32,996)       (1,148,744)
 Interest paid on guarantee capital                       (0)            (0)            (0)               (0)             (0)               (0)
 Various contributions                                    (0)      (10,000)             (0)         (10,000)              (0)         (10,000)
 Other additions or disposals                               0     (112,320)               0        (112,320)                0        (112,320)
 Profit/Loss for the year                          1,520,104      1,752,294      1,221,353         4,493,751         206,874         4,700,625
 Own funds 31.12.1999                             11,391,085      9,141,175      7,071,614        27,603,874       1,802,188        29,406,062




                                                                112
                             COMMERCIAL BANKS:                         PROFIT AND LOSS ACCOUNT 1999
                                                     - CONSOLIDATED ACCOUNTS -

                                                       Lands-                           Búnaðar-                       Sparisjóða-       Commercial
                                                        banki           Íslands-           banki                          banki            banks
    - Thousands of krónur -                          Íslands hf.        banki hf.       Íslands hf.       Total        Íslands hf.         Total
 1. Interest receivable etc.:
    1.1. From credit institutions etc.                 1,047,903            544,622         530,641        2,123,166        948,842         3,072,008
    1.2. On loans and advances etc.                   12,482,656         10,472,163       8,133,815       31,088,634        882,433        31,971,067
    1.3. On debts evidenced by certificates etc        1,954,129          1,720,993         681,006        4,356,128        374,243         4,730,371
    1.4. Other interest receivable etc.                   32,685            272,559             118          305,362              0           305,362
          Total                                       15,517,374         13,010,337       9,345,580       37,873,291      2,205,518        40,078,809
 2. Interest payable etc.:
    2.1. To credit institutions                        1,185,084            929,024         183,781        2,297,889      1,348,952         3,646,841
    2.2. On deposits etc.                              4,977,800          4,040,294       3,817,855       12,835,949          1,273        12,837,222
    2.3. On bonds issued etc.                          3,231,846          2,498,299       1,615,930        7,346,075        438,888         7,784,963
    2.4. On subordinated liabilities                     273,200            235,202          82,408          590,810              0           590,810
    2.5. Other interest payble etc.                      300,608            399,226          30,981          730,815         38,501           769,316
          Total                                        9,968,539          8,102,045       5,730,955       23,801,539      1,827,614        25,629,153
    Calculated inflation adjustment                     (32,865)          (207,346)       (145,213)        (385,424)       (47,235)         (432,659)

A. NET INTEREST INCOME                                 5,515,970          4,700,946       3,469,412       13,686,328       330,669         14,016,997

 3.   Dividends from shares, other holdings etc.         349,491            125,366         128,407          603,265       272,526            875,791
 4.   Commissions receivable etc.                      2,538,992          2,127,173       1,881,793        6,547,958       113,367          6,661,325
 5.   Commissions payable                                251,192            376,366         245,078          872,636        15,990            888,626
 6.   Value adjustm. of other financial operations       615,104            336,900       1,296,598        2,248,602       101,222          2,349,824
 7.   Other operating income                             341,573            336,094          83,992          761,659         7,970            769,629

B. PROFIT ON FINANCIAL ITEMS                           9,109,938          7,250,113       6,615,125       22,975,176       809,764         23,784,940

 8. General administrative costs
    8.1. Wages and wage-related expenditure            3,431,579          2,459,031       2,029,927        7,920,537       164,260          8,084,797
    8.2. Other administrative costs                    2,316,127          1,824,253       1,632,889        5,773,270       193,567          5,966,837
         General administrative costs, total           5,747,706          4,283,284       3,662,816       13,693,806       357,827         14,051,633
 9. Depreciation of tangible assets etc.                 469,923            220,971         353,848        1,044,742        12,257          1,056,999
10. Other operating expenses                             238,283             42,955          47,681          328,919             0            328,919
11. Provisions for bad and doubtful debts              1,106,188            687,891         846,341        2,640,420       121,134          2,761,554
12. Value adjustm. of investm. securities etc.                 0                  0               0                0             0                  0

 C. PROFIT ON ORDINARY ACTIVITIES
      BEFORE TAXES                                     1,547,838          2,015,012       1,704,439        5,267,289       318,546          5,585,835

13. Taxes
    13.1. Calculated income tax                           25,714           250,682          482,748         759,144        101,352           860,496
    13.2. Tax on net worth                                 2,020            12,036              338          14,394         10,319            24,713
          Total                                           27,734           262,718          483,086         773,538        111,671           885,209

D. PROFIT/LOSS ON ORDINARY
      ACTIVITIES AFTER TAXES                           1,520,104          1,752,294       1,221,353        4,493,751       206,875          4,700,626

14. Profit/loss on extraordinary activities                        0                0                 0           0                  0             0


 E. NET PROFIT/LOSS FOR THE YEAR                       1,520,104          1,752,294       1,221,353        4,493,751       206,875          4,700,626




                                                               113
                                COMMERCIAL BANKS:                      BALANCE SHEET PR. 31.12. 1999
                                                     - CONSOLIDATED ACCOUNTS -

                                                       Lands-                          Búnaðar-                        Sparisjóða-       Commercial
                                                        banki          Íslands-           banki                           banki            banks
ASSETS              - Thousands of krónur -          Íslands hf.       banki hf.       Íslands hf.         Total       Íslands hf.         Total

1.   Cash and demand dep. with centr. bank etc.        3,182,293         2,643,390       2,371,180         8,196,862       878,652          9,075,514

2.   Treasury bills and other bills eligible for
     refinancing with central banks                    4,451,416                   0        49,823         4,501,239      1,239,099         5,740,338

3.   Loans and advanc. to credit institutions etc.
     3.1. Required deposits with central banks         5,205,798         3,138,412       2,904,070        11,248,280     3,888,993         15,137,273
     3.2. Loans and advances to credit instit.        10,181,642         3,972,498       9,227,308        23,381,448    19,516,463         42,897,911
          Total                                       15,387,441         7,110,910      12,131,378        34,629,729    23,405,456         58,035,185

4.   Loans and advances etc.
     4.1. Loans and advances to customers            129,849,975        91,669,914      80,530,280       302,050,169      7,709,259       309,759,428
     4.2. Lease contracts                                637,582         8,867,793               0         9,505,375              0         9,505,375
     4.3. Appropriated assets                            582,391           591,662         472,231         1,646,285              0         1,646,285
          Total                                      131,069,948       101,129,369      81,002,511       313,201,828      7,709,259       320,911,087

5.   Bonds and other fixed rate
     securities                                       25,068,179        15,730,775      10,712,951        51,511,905      5,865,851        57,377,756

6.   Shares and other variable-yield
     securities                                        2,950,962         2,596,357       6,819,320        12,366,640       632,972         12,999,612

7.   Shares in associated undertakings                 5,372,867          920,043        1,074,392         7,367,302       670,792          8,038,094

8.   Shares in affiliated undertakings                      9,512          39,515             9,241          58,269                  0        58,269

9.   Intangible assets                                             0               0                 0             0                 0             0

10. Tangible assets
    10.1. Buildings and land                           3,175,082         2,053,891       2,506,440         7,735,413       218,009          7,953,422
    10.2. Equipment, machinery etc.                    1,449,918           589,623         503,032         2,542,573        26,525          2,569,098
          Total                                        4,625,000         2,643,514       3,009,473        10,277,987       244,534         10,522,521

11. Operating lease assets                                         0               0                 0             0                 0             0

12. Other assets                                         644,666          630,135          162,502         1,437,303        17,604          1,454,907

13. Prepayments and accrued income                       332,354          593,499          316,988         1,242,842        15,030          1,257,872

     Total assets                                    193,094,638       134,037,507     117,659,760       444,791,904    40,679,249        485,471,153




                                                               114
                                  COMMERCIAL BANKS:                      BALANCE SHEET PR. 31.12. 1999
                                                         - CONSOLIDATED ACCOUNTS -

                                                          Lands-                       Búnaðar-                    Sparisjóða-       Commercial
                         -Thousands of krónur-            banki           Íslands-      banki                        banki             banks
LIABILITIES                                              Íslands hf.     banki hf.     Íslands hf.     Total       Íslands hf.          Total

1.   Amounts owed to credit institutions etc.
     1.1. Debts repayable on demand                                0       1,000,035     1,837,239     2,837,274             0          2,837,274
     1.2. Other debts owed to credit institutions         26,807,796      13,686,338     5,173,074    45,667,208    29,911,397         75,578,605
          Total                                           26,807,796      14,686,373     7,010,313    48,504,482    29,911,397         78,415,879

2.   Deposits
     2.1. Demand deposits                                 38,397,276      24,499,500    43,098,881   105,995,657      3,358,499       109,354,156
     2.2. Time deposits (up to 3 months)                  21,710,491      21,832,966     6,829,800    50,373,257              0        50,373,257
     2.3. Time deposits ( > 3 months)                     13,060,058      10,753,436    11,063,338    34,876,832              0        34,876,832
     2.4. Special deposits                                 4,653,135          11,459        11,115     4,675,709              0         4,675,709
          Total                                           77,820,961      57,097,361    61,003,134   195,921,456      3,358,499       199,279,955

3.   Debts evidenced by certificates
     3.1. Debt securities in issue                        16,262,642      21,061,052     5,064,577    42,388,271      2,281,914        44,670,185
     3.2. Securities owed to credit institutions          51,851,890      24,061,332    33,245,381   109,158,603        835,120       109,993,723
     3.3. Other debts                                      2,163,861       3,184,950        59,081     5,407,892      2,151,001         7,558,893
          Total                                           70,278,393      48,307,334    38,369,039   156,954,767      5,268,035       162,222,802

4.   Other liabilities                                       880,985       1,211,379     1,064,668     3,157,031       159,394          3,316,425

5.   Accruals and deferred income                            767,893         731,029       266,161     1,765,083        45,396          1,810,479

6.   Provisions for liabilities and charges
     6.1. For pension commitments                            470,695               0             0       470,695        18,009            488,704
     6.2. For deferred taxes                                  16,076         278,886       755,433     1,050,395       116,331          1,166,726
     6.3. Other provis. for liabilities & charges                  0               0             0             0             0                  0
          Total                                              486,771         278,886       755,433     1,521,091       134,340          1,655,431

7.   Subordinated liabilities                              4,660,753       2,583,970     2,119,397     9,364,121                 0      9,364,121

8.   Owners' equity
     8.1. Share capital/Guarantee capital                  6,500,000       3,851,478     4,030,928    14,382,406        602,767        14,985,173
     8.2. Reserves                                           878,124         577,855     1,267,236     2,723,214        241,632         2,964,846
     8.3. Revaluation account accord. to infl. account       423,980         777,671       418,115     1,619,766         97,016         1,716,782
     8.4. Rev. account other than cov. by item 8.3                 0               0             0             0              0                 0
     8.5. Retained earnings                                3,588,982       3,934,171     1,355,336     8,878,488        860,773         9,739,261
          Total                                           11,391,085       9,141,175     7,071,614    27,603,874      1,802,188        29,406,062


     Total liabilities and owners' equity                193,094,638     134,037,507   117,659,760   444,791,904    40,679,249        485,471,153


OFF-BALANCE SHEET ITEMS

1.   Guarantees etc.
          Guarantees issued                                7,437,453       3,609,941     5,139,303    16,186,697       765,563         16,952,260

2.   Other commitments
           Sale with an option to repurchase                       0               0     4,875,282     4,875,282      3,597,870         8,473,152
           Irrevocable loan commitments                   10,549,700       7,146,849     5,835,100    23,531,649              0        23,531,649
           Credit equivalent of derivatives                  597,100         851,000       527,000     1,975,100        197,000         2,172,100




                                                                   115
          COMMERCIAL BANKS: DIVERSE FIGURES FROM THE ANNUAL ACCOUNTS
                                                 - CONSOLIDATED ACCOUNTS -

                                                   Lands-                      Búnaðar-                         Sparisjóða-       Commercial
                                                    banki       Íslands-          banki                            banki            banks
- Thousands of krónur -                          Íslands hf.    banki hf       Íslands hf.         Total         Íslands hf         Total

LOANS AND ADVANCES TO CUSTOMERS
Specification by types of loans:
 Overdrafts                                       23,016,920     16,271,957     15,627,167        54,916,044         382,311        55,298,355
 Produce/Operational credits                       5,274,602        587,483      1,263,757         7,125,842         795,039         7,920,881
 Bills of exchange                                 2,080,865      1,391,937      3,014,576         6,487,378         100,908         6,588,286
 Debentures                                       98,882,455     73,373,697     60,249,770       232,505,922       6,431,001       238,936,923
 Letter of credit redeemed                            69,633         39,951        163,553           273,137               0           273,137
 Other loans                                         525,500          4,889        211,457           741,846               0           741,846
               Total                             129,849,975     91,669,914     80,530,280       302,050,169       7,709,259       309,759,428

Specification by sectors:
 Central government and state owned enterprise          1.1%            0.2%          0.7%             0.7%            0.0%              0.7%
 Municipalities                                         3.9%            1.1%          2.6%             2.6%            1.4%              2.6%
 Enterprises:                                          71.0%           62.8%         71.1%            68.4%           98.6%             69.1%
   Agriculture                                          1.5%            1.1%          6.9%             2.8%            2.4%              2.7%
   Fisheries                                           31.8%           24.5%         18.3%            26.0%           45.6%             26.4%
   Commerce                                            15.7%           11.7%         13.1%            13.7%            0.0%             13.4%
   Manufacturing                                        7.7%            8.8%          7.7%             8.1%            0.0%              7.9%
   Housebuilding contractors                            1.9%            2.9%          4.3%             2.8%            0.0%              2.7%
   Communication                                        2.3%            0.0%          1.8%             1.4%            3.0%              1.5%
   Electric power                                       0.5%            0.0%          0.0%             0.2%            0.0%              0.2%
   Services                                             9.6%           13.8%         19.0%            13.4%           47.6%             14.2%
 Households                                            24.1%           35.9%         25.6%            28.3%            0.0%             27.6%
               Total                                  100.0%          100.0%        100.0%           100.0%          100.0%            100.0%

LEASE CONTRACTS                                      637,582               0                 0       637,582                  0        637,582

ALLOWANCE ACCOUNT FOR CREDIT LOSSES
 Balance 1.1.1999                                  2,485,896      2,069,300      1,643,505         6,198,700        311,254          6,509,954
 Provisions for the year                           1,106,188        687,891        846,341         2,640,420        121,134          2,761,554
 - Loans written off                               (768,283)      (494,533)      (673,481)       (1,936,297)             (0)       (1,936,297)
 Collected previously written off loans               38,812         20,917          8,379            68,109               0            68,109
 Balance 31.12.1999                                2,862,613      2,283,575      1,824,744         6,970,932        432,388          7,403,320

OWN FUNDS AND SOLVENCY RATIO
 Own funds according to law:
  Own funds - A (Tier 1)                           11,391,085     9,141,175       7,071,614        27,603,874     1,802,188          29,406,062
  Own funds - B (Tier 2)                            4,160,432     2,583,970       2,119,397         8,863,799             0           8,863,799
  Own funds - C (Tier 3)                              495,335             0               0           495,335             0             495,335
  - items deducted according to law               (2,660,603)     (671,813)     (1,100,300)       (4,432,716)     (218,958)         (4,651,674)
  Own funds total                                  13,386,249    11,053,332       8,090,711        32,530,292     1,583,230          34,113,522
  Risk assets                                    140,132,778    105,065,898      89,031,882      334,230,558     15,466,868        349,697,426
  Solvency ratio                                        9.6%         10.5%            9.1%              9.7%         10.2%                9.8%

CHANGES IN OWN FUND
 Own funds 1.1.1999                                9,741,059      7,452,556      6,137,709        23,331,324       1,420,389        24,751,713
 Prior period adjustments                                   0              0              0                 0               0                 0
 New paid-up share/guarantee capital                        0              0              0                 0        136,283           136,283
 Revaluation of assets during the year               497,059        239,047      (104,661)           631,445          24,403           655,848
 Calculated inflation adjustment                      32,863        207,346        145,213           385,422          47,235           432,657
 Dividend paid                                     (400,000)      (387,748)      (328,000)       (1,115,748)        (32,996)       (1,148,744)
 Interest paid on guarantee capital                       (0)            (0)            (0)               (0)             (0)               (0)
 Various contributions                                    (0)      (10,000)             (0)         (10,000)              (0)         (10,000)
 Other additions or disposals                               0     (112,320)               0        (112,320)                0        (112,320)
 Profit/Loss for the year                          1,520,104      1,752,294      1,221,353         4,493,751         206,874         4,700,625
 Own funds 31.12.1999                             11,391,085      9,141,175      7,071,614        27,603,874       1,802,188        29,406,062




                                                                116
                                   SAVINGS BANKS:          PROFIT AND LOSS ACCOUNT 1999


                                                    Savings-           Sparisj.      Sparisj.
                                                     banks           Reykjavíkur     Hafnar-        Sparisj.         Sparisj.      Sparisj.
     - Thousands of krónur -                         Total            og nágr.       fjarðar        vélstjóra       í Keflavík    Kópavogs
1.   Interest receivable etc.:
     1.1. From credit institutions etc.                522,030            113,412        68,520        101,253           34,862       20,503
     1.2. On loans and advances etc.                10,200,391          2,124,377     2,010,295      1,210,440        1,146,640      692,956
     1.3. On debts evidenced by certificates etc       599,868            274,892       113,716         46,852           30,731       20,302
     1.4. Other interest receivable etc.                14,652                  0         2,388              0                0          257
           Total                                    11,336,941          2,512,680     2,194,919      1,358,544        1,212,233      734,018
2.   Interest payable etc.:
     2.1. To credit institutions                       669,647              66,071      216,323          12,814          58,976       26,171
     2.2. On deposits etc.                           3,988,445          1,228,942       500,365        553,128          440,405      192,867
     2.3. On bonds issued etc.                       1,871,013            205,183       507,093        317,113          246,085      178,905
     2.4. On subordinated liabilities                  196,925              61,679       46,003           9,441          34,255       20,512
     2.5. Other interest payble etc.                   194,552              50,963       44,641          19,177           1,278       14,644
           Total                                     6,920,581          1,612,838     1,314,425        911,672          781,000      433,099
     Calculated inflation adjustment                 (106,545)             (2,744)     (23,748)         (6,141)               0        2,758

A. NET INTEREST INCOME                               4,309,815           897,099        856,746        440,731          431,233      303,677

3.   Dividends from shares, other holdings etc.      1,647,483            453,196       260,687        247,532          192,294        81,441
4.   Commissions receivable etc.                     1,548,162            453,758       244,845        165,962          172,944      105,965
5.   Commissions payable                               240,876             79,619        39,701         32,678           20,377        20,359
6.   Value adjustm. of other financial operations      163,446           (39,201)        21,162         64,699           22,105       (3,863)
7.   Other operating income                            322,419              4,577        39,825         11,760           29,776         6,170

B. PROFIT ON FINANCIAL ITEMS                         7,750,450          1,689,810     1,383,564        898,005          827,975      473,031

8.  General administrative costs
    8.1. Wages and wage-related expenditure          2,123,302            512,753       393,762        214,419          233,718      135,151
    8.2. Other administrative costs                  2,277,650            584,086       433,462        231,937          237,605      162,564
         General administrative costs, total         4,400,953          1,096,839       827,224        446,356          471,323      297,715
9. Depreciation of tangible assets etc.                268,243             57,083        39,648         52,249           21,144       14,513
10. Other operating expenses                            28,199                  0         8,191              0              600        2,976
11. Provisions for bad and doubtful debts            1,302,221            109,051       139,861        107,827           78,596       95,566
12. Value adjustm. of investm. securities etc.               0                  0             0              0                0            0

C.   PROFIT ON ORDINARY ACTIVITIES
     BEFORE TAXES                                    1,750,835           426,837        368,640        291,572          256,312       62,261

13. Taxes
    13.1. Calculated income tax                        444,264           119,024        101,441         80,257           62,931       16,123
    13.2. Tax on net worth                              58,310             6,788         15,938         11,273            1,917            0
          Total                                        502,575           125,811        117,379         91,531           64,848       16,123

D.   PROFIT/LOSS ON ORDINARY
     ACTIVITIES AFTER TAXES                          1,248,260           301,025        251,261        200,042          191,465       46,138

14. Profit/loss on extraordinary activities           (62,781)                  0               0               0      (43,476)               0

E.   NET PROFIT/LOSS FOR THE YEAR                    1,185,479           301,025        251,261        200,042          147,988       46,138




                                                               117
                                   SAVINGS BANKS:          PROFIT AND LOSS ACCOUNT 1999


                                                    Sparisj.          Sparisj.        Sparisj.       Sparisj.        Sparisj.        Sparisj.
                                                    Mýra-            Bolungar-       Vestmanna-     Norðlend-       Húnaþings         Siglu-
     - Thousands of krónur -                         sýslu             víkur            eyja          inga          og Stranda       fjarðar
1.   Interest receivable etc.:
     1.1. From credit institutions etc.                 13,711           21,530           50,116         5,847            5,861           5,906
     1.2. On loans and advances etc.                   518,330          349,539          228,669       215,854          185,983         156,160
     1.3. On debts evidenced by certificates etc        17,945            8,907           13,708         3,074            9,712          31,801
     1.4. Other interest receivable etc.                     0                0                0         2,714               24               0
           Total                                       549,986          379,976          292,493       227,489          201,580         193,867
2.   Interest payable etc.:
     2.1. To credit institutions                         1,138            74,298           14,821       28,869            10,228         31,118
     2.2. On deposits etc.                             176,079            70,386           98,766       80,393            81,245         88,686
     2.3. On bonds issued etc.                         112,525            82,359           69,046            0            23,052              0
     2.4. On subordinated liabilities                        0                 0                0        9,730                 0          2,446
     2.5. Other interest payble etc.                    23,879             7,061                0        3,422            10,661          4,682
           Total                                       313,621           234,103         182,632       122,414          125,186         126,932
     Calculated inflation adjustment                  (15,937)          (15,499)          (3,669)        1,417           (4,214)            750

A. NET INTEREST INCOME                                 220,427          130,374          106,191       106,492           72,180          67,685

3.   Dividends from shares, other holdings etc.         85,335           59,869           49,242        38,721           32,310          37,238
4.   Commissions receivable etc.                        46,812           23,973           37,101        45,042           28,160          22,143
5.   Commissions payable                                 4,876            2,865            5,003         5,895            2,430           1,609
6.   Value adjustm. of other financial operations        5,338           15,760             (57)        29,212            (470)          33,895
7.   Other operating income                             38,270            1,305            2,011        34,500           27,567           3,522

B. PROFIT ON FINANCIAL ITEMS                           391,307          228,416          189,485       248,072          157,317         162,874

8.  General administrative costs
    8.1. Wages and wage-related expenditure             83,789           54,478           46,055        61,127           41,594          33,723
    8.2. Other administrative costs                     84,604           36,385           44,877        64,354           31,998          34,106
         General administrative costs, total           168,393           90,863           90,932       125,481           73,592          67,829
9. Depreciation of tangible assets etc.                  8,776            9,237            2,294        10,774            3,659           6,048
10. Other operating expenses                             9,374                0              596             0            5,438               0
11. Provisions for bad and doubtful debts              141,659           80,607           47,528        35,071           52,480          44,402
12. Value adjustm. of investm. securities etc.               0                0                0             0                0               0

C.   PROFIT ON ORDINARY ACTIVITIES
     BEFORE TAXES                                       63,105           47,709           48,134        76,746           22,149          44,596

13. Taxes
    13.1. Calculated income tax                         15,892           12,143            7,921        13,374            6,491          12,249
    13.2. Tax on net worth                               6,417            4,701            2,548         1,511            1,846
          Total                                         22,309           16,844           10,468        14,885            8,336          12,249

D.   PROFIT/LOSS ON ORDINARY
     ACTIVITIES AFTER TAXES                             40,796           30,866           37,666        61,861           13,812          32,347

14. Profit/loss on extraordinary activities                    0                 0       (19,305)               0                0              0

E.   NET PROFIT/LOSS FOR THE YEAR                       40,796           30,866           18,361        61,861           13,812          32,347




                                                               118
                                   SAVINGS BANKS:           PROFIT AND LOSS ACCOUNT 1999


                                                     Sparisj.                                        Sparisj.       Sparisj.        Sparisj.
                                                    Hornafjarð.     Sparisj.          Eyra-           Ólafs-        S-Þing-        Önundar-
     - Thousands of krónur -                         og nágr.      Svarfdæla       sparisjóður       fjarðar        eyinga          fjarðar
1.   Interest receivable etc.:
     1.1. From credit institutions etc.                   2,932         5,201            3,641           13,909          4,243          7,266
     1.2. On loans and advances etc.                    178,498       157,262          160,551          167,407        136,986        108,878
     1.3. On debts evidenced by certificates etc          1,203         6,230              102            3,919          2,648            411
     1.4. Other interest receivable etc.                      0            37            5,517                0              0            238
           Total                                        182,633       168,730          169,812          185,235        143,877        116,792
2.   Interest payable etc.:
     2.1. To credit institutions                          21,810         1,195          11,770           19,863          24,763         18,904
     2.2. On deposits etc.                                56,193        57,991          32,029           69,355          50,320         32,846
     2.3. On bonds issued etc.                            29,969        10,854          35,966           13,848               0         19,313
     2.4. On subordinated liabilities                      2,265             0           3,751            6,843               0              0
     2.5. Other interest payble etc.                         259         3,573           7,354                0               0            470
           Total                                        110,496         73,613          90,870          109,909          75,083         71,532
     Calculated inflation adjustment                     (3,974)       (6,089)           2,369            (943)         (1,660)        (5,488)

A. NET INTEREST INCOME                                   68,163        89,028           81,311           74,383         67,134         39,772

3.   Dividends from shares, other holdings etc.          10,693         5,393           23,030              924          3,412         12,793
4.   Commissions receivable etc.                         21,078        30,830           26,990           14,957         22,227         15,366
5.   Commissions payable                                  3,422         3,501            2,428            1,905          2,682          1,708
6.   Value adjustm. of other financial operations         (102)        14,151              126              767             66            393
7.   Other operating income                               1,774        39,089            6,492            6,216         11,737            892

B. PROFIT ON FINANCIAL ITEMS                             98,184       174,990          135,520           95,342        101,894         67,507

8.  General administrative costs
    8.1. Wages and wage-related expenditure              27,525        38,799           34,532           27,101         30,830         21,057
    8.2. Other administrative costs                      31,161        45,645           37,484           35,427         35,456         22,289
         General administrative costs, total             58,686        84,444           72,016           62,528         66,286         43,347
9. Depreciation of tangible assets etc.                   1,777         7,386            3,319            4,163          4,110          1,418
10. Other operating expenses                                  0             0                0                0              0              0
11. Provisions for bad and doubtful debts                27,649        35,155          122,507           78,157         19,199         21,973
12. Value adjustm. of investm. securities etc.                0             0                0                0              0              0

C.   PROFIT ON ORDINARY ACTIVITIES
     BEFORE TAXES                                        10,072        48,005          (62,322)        (49,506)         12,299            769

13. Taxes
    13.1. Calculated income tax                               0        15,346          (18,927)                 0            0                 0
    13.2. Tax on net worth                                  190         2,293                 0                 0        1,076                 0
          Total                                             190        17,639          (18,927)                 0        1,076                 0

D.   PROFIT/LOSS ON ORDINARY
     ACTIVITIES AFTER TAXES                               9,882        30,366          (43,395)        (49,506)         11,223            769

14. Profit/loss on extraordinary activities                   0                0                 0              0              0               0

E.   NET PROFIT/LOSS FOR THE YEAR                         9,882        30,366          (43,395)        (49,506)         11,223            769




                                                             119
                                   SAVINGS BANKS:          PROFIT AND LOSS ACCOUNT 1999


                                                    Sparisj.         Sparisj.        Sparisj.                                          Sparisj.
                                                     Norð-            Ólafs-        Þingeyrar-        Sparisj.         Sparisj.         Höfð-
     - Thousands of krónur -                        fjarðar           víkur           hrepps         Þórshafnar       Súðavíkur       hverfinga
1.   Interest receivable etc.:
     1.1. From credit institutions etc.                 13,629            3,669           4,350            2,193           8,985           6,001
     1.2. On loans and advances etc.                   130,751           66,835          75,498           65,769          44,331          30,633
     1.3. On debts evidenced by certificates etc           153            4,645           3,924            1,063              97           3,471
     1.4. Other interest receivable etc.                     0                0               0                0             254              91
           Total                                       144,533           75,149          83,772           69,025          53,668          40,196
2.   Interest payable etc.:
     2.1. To credit institutions                          1,499            2,886               0            4,085         17,788            2,257
     2.2. On deposits etc.                               60,439           27,517          25,101           19,025         17,456           16,322
     2.3. On bonds issued etc.                            1,681            7,123           5,006            3,371            152                0
     2.4. On subordinated liabilities                         0                0               0                0              0                0
     2.5. Other interest payble etc.                      1,204                0              24               42          1,201               17
           Total                                         64,823           37,526          30,130           26,523         36,598           18,596
     Calculated inflation adjustment                    (3,413)          (2,096)         (5,302)          (3,613)          (250)          (3,551)

A. NET INTEREST INCOME                                  76,297           35,527          48,339           38,889          16,819          18,049

3.   Dividends from shares, other holdings etc.         15,802            9,887           9,360            4,269           7,627              427
4.   Commissions receivable etc.                        26,528           14,967           8,522            8,566           1,682            4,826
5.   Commissions payable                                 3,591            1,382           1,428            1,031           1,184              634
6.   Value adjustm. of other financial operations        (745)            (122)              81            (308)             321              236
7.   Other operating income                                755            7,482          10,524           10,626           9,733            7,962

B. PROFIT ON FINANCIAL ITEMS                           115,046           66,359          75,398           61,011          34,999          30,866

8.  General administrative costs
    8.1. Wages and wage-related expenditure             47,932           19,592          16,993           14,647          14,523           8,501
    8.2. Other administrative costs                     34,892           16,501          14,211           22,129          15,272          11,310
         General administrative costs, total            82,824           36,093          31,204           36,776          29,795          19,811
9. Depreciation of tangible assets etc.                  7,616            4,260           1,632            4,059           1,181             564
10. Other operating expenses                                 0                0             716                0             308               0
11. Provisions for bad and doubtful debts                8,697            9,673          25,148            9,436           3,500           5,016
12. Value adjustm. of investm. securities etc.               0                0               0                0               0               0

C.   PROFIT ON ORDINARY ACTIVITIES
     BEFORE TAXES                                       15,909           16,333          16,698           10,740             215            5,475

13. Taxes
    13.1. Calculated income tax                              0                  0                0                0               0               0
    13.2. Tax on net worth                               1,813                  0                0                0               0               0
          Total                                          1,813                  0                0                0               0               0

D.   PROFIT/LOSS ON ORDINARY
     ACTIVITIES AFTER TAXES                             14,096           16,333          16,698           10,740             215            5,475

14. Profit/loss on extraordinary activities                    0                0                0                0               0               0

E.   NET PROFIT/LOSS FOR THE YEAR                       14,096           16,333          16,698           10,740             215            5,475




                                                               120
                                   SAVINGS BANKS:          PROFIT AND LOSS ACCOUNT 1999
                                                                                                   Consolid.
                                                                                   Consolid.       accounts
                                                    Sparisj.                       accounts         Sparisj.
                                                    Stranda-          Sparisj.      Sparisj.       Norðlend-
     - Thousands of krónur -                         manna           Hólahrepps    Kópavogs          inga
1.   Interest receivable etc.:
     1.1. From credit institutions etc.                  4,364               127       20,503           5,847
     1.2. On loans and advances etc.                    36,262             1,488      688,570         215,854
     1.3. On debts evidenced by certificates etc             0               362       20,302          43,074
     1.4. Other interest receivable etc.                 3,131                 0          304           2,714
           Total                                        43,758             1,977      729,679         267,489
2.   Interest payable etc.:
     2.1. To credit institutions                          2,002                0       36,358         118,051
     2.2. On deposits etc.                               11,674              915      192,867           80,393
     2.3. On bonds issued etc.                            2,368                0      178,905                0
     2.4. On subordinated liabilities                         0                0       20,512            9,730
     2.5. Other interest payble etc.                          0                0       14,644            3,422
           Total                                         16,044              915      443,286         211,596
     Calculated inflation adjustment                    (5,145)            (363)       10,934          (6,294)

A. NET INTEREST INCOME                                  22,569              699       297,327          49,599

3.   Dividends from shares, other holdings etc.          5,992               11         76,312         26,417
4.   Commissions receivable etc.                         4,919                0       105,965         126,686
5.   Commissions payable                                   568                0         20,359          5,895
6.   Value adjustm. of other financial operations            0                0        (3,863)        184,191
7.   Other operating income                              9,855                0         10,713         40,435

B. PROFIT ON FINANCIAL ITEMS                            42,767              710       466,095         421,433

8.  General administrative costs
    8.1. Wages and wage-related expenditure             10,383              317       135,151         136,823
    8.2. Other administrative costs                      9,424              473       151,894          99,715
         General administrative costs, total            19,807              789       287,045         236,538
9. Depreciation of tangible assets etc.                  1,332                0        18,247          29,063
10. Other operating expenses                                 0                0         2,976               0
11. Provisions for bad and doubtful debts                3,427               36        95,566          35,071
12. Value adjustm. of investm. securities etc.               0                0             0               0

C.   PROFIT ON ORDINARY ACTIVITIES
     BEFORE TAXES                                       18,202             (116)       62,261         120,761

13. Taxes
    13.1. Calculated income tax                                0              0        16,123          35,133
    13.2. Tax on net worth                                     0              0             0           1,544
          Total                                                0              0        16,123          36,677

D.   PROFIT/LOSS ON ORDINARY
     ACTIVITIES AFTER TAXES                             18,202             (116)       46,138          84,084

14. Profit/loss on extraordinary activities                    0              0                0      (22,224)

E.   NET PROFIT/LOSS FOR THE YEAR                       18,202             (116)       46,138          61,861




                                                               121
                                       SAVINGS BANKS:            BALANCE SHEET PR. 31.12. 1999


                                                     Savings-           Sparisj.     Sparisj.
                                                      banks           Reykjavíkur    Hafnar-        Sparisj.         Sparisj.         Sparisj.
ASSETS              - Thousands of krónur -           Total            og nágr.      fjarðar        vélstjóra       í Keflavík       Kópavogs

1.   Cash and demand dep. with centr. bank etc.        1,486,712         1,051,949       89,122         48,765           51,758          37,172

2.   Treasury bills and other bills eligible for
     refinancing with central banks                             0               0               0               0                0               0

3.   Loans and advanc. to credit institutions etc.
     3.1. Required deposits with central banks         1,215,806           551,197            0        351,672          249,361               0
     3.2. Loans and advances to credit instit.        10,465,591         1,031,761    2,282,553      2,989,617          667,705         440,415
          Total                                       11,681,397         1,582,959    2,282,553      3,341,289          917,066         440,415

4.   Loans and advances etc.
     4.1. Loans and advances to customers             83,026,716        18,966,111   16,995,098     10,165,331        9,141,084        4,881,702
     4.2. Lease contracts                                      0                 0            0              0                0                0
     4.3. Appropriated assets                            578,226                 0       42,833              0          106,552           51,504
          Total                                       83,604,942        18,966,111   17,037,931     10,165,331        9,247,636        4,933,206

5.   Bonds and other fixed rate
     securities                                        8,503,156         3,337,793    1,942,408      1,251,739          303,749         311,610

6.   Shares and other variable-yield
     securities                                        1,952,059          321,478       380,206         90,903            1,335          96,253

7.   Shares in associated undertakings                 5,656,809         1,494,396      833,548        911,669          657,302         347,435

8.   Shares in affiliated undertakings                  193,114                 0               0       16,912           13,705                  0

9.   Intangible assets                                   90,043                 0               0       90,043                   0               0

10. Tangible assets
    10.1. Buildings and land                           1,880,880          356,102       401,158        165,890          104,769          23,975
    10.2. Equipment, machinery etc.                      702,883          171,079       137,882         60,359          106,414          30,514
          Total                                        2,583,763          527,181       539,040        226,248          211,182          54,489

11. Operating lease assets                                      0               0               0               0                0               0

12. Other assets                                        388,837            58,584        16,714           5,332          13,515         196,858

13. Prepayments and accrued income                      289,136            71,980        24,807         35,901           28,462          16,820

     Total assets                                    116,429,969        27,412,432   23,146,329     16,184,133       11,445,711        6,434,258




                                                                122
                                       SAVINGS BANKS:            BALANCE SHEET PR. 31.12. 1999


                                                     Sparisj.          Sparisj.        Sparisj.      Sparisj.        Sparisj.        Sparisj.
                                                     Mýra-            Bolungar-       Vestmanna-    Norðlend-       Húnaþings         Siglu-
ASSETS              - Thousands of krónur -           sýslu             víkur            eyja         inga          og Stranda       fjarðar

1.   Cash and demand dep. with centr. bank etc.          19,702            7,515           22,275       17,103           29,092           6,698

2.   Treasury bills and other bills eligible for
     refinancing with central banks                             0                 0            0                0                0              0

3.   Loans and advanc. to credit institutions etc.
     3.1. Required deposits with central banks                0                0           63,576            0                0               0
     3.2. Loans and advances to credit instit.          231,121          393,138          250,457      241,066          175,171         109,513
          Total                                         231,121          393,138          314,033      241,066          175,171         109,513

4.   Loans and advances etc.
     4.1. Loans and advances to customers             3,795,559         2,973,815       2,058,239     1,640,985       1,418,926       1,245,340
     4.2. Lease contracts                                     0                 0               0             0               0               0
     4.3. Appropriated assets                           166,398            13,860          10,000             0          37,216          13,840
          Total                                       3,961,957         2,987,675       2,068,239     1,640,985       1,456,142       1,259,180

5.   Bonds and other fixed rate
     securities                                         243,913          206,413          306,701       42,756           77,451         219,059

6.   Shares and other variable-yield
     securities                                         261,873          152,355           49,639       80,939           13,175         112,946

7.   Shares in associated undertakings                  285,388          219,769          157,131      121,898          117,637         131,246

8.   Shares in affiliated undertakings                          0                 0            0       162,497                   0              0

9.   Intangible assets                                          0                 0            0                0                0              0

10. Tangible assets
    10.1. Buildings and land                             71,695           66,908          100,575      121,326           18,912          71,284
    10.2. Equipment, machinery etc.                      30,374           10,593            6,002       20,324           31,056          10,571
          Total                                         102,069           77,501          106,577      141,650           49,968          81,855

11. Operating lease assets                                      0                 0            0                0                0              0

12. Other assets                                         31,719               68              61           431            5,772                 0

13. Prepayments and accrued income                        3,236            3,319           12,095        6,256            3,124           3,405

     Total assets                                     5,140,978         4,047,753       3,036,751     2,455,583       1,927,531       1,923,902




                                                                123
                                       SAVINGS BANKS:              BALANCE SHEET PR. 31.12. 1999


                                                      Sparisj.                                         Sparisj.       Sparisj.        Sparisj.
                                                     Hornafjarð.      Sparisj.          Eyra-           Ólafs-        S-Þing-        Önundar-
ASSETS              - Thousands of krónur -           og nágr.       Svarfdæla       sparisjóður       fjarðar        eyinga          fjarðar

1.   Cash and demand dep. with centr. bank etc.           19,344         14,404             7,969           8,414         17,049          3,481

2.   Treasury bills and other bills eligible for
     refinancing with central banks                            0                 0                 0              0              0               0

3.   Loans and advanc. to credit institutions etc.
     3.1. Required deposits with central banks                 0              0                0                0              0              0
     3.2. Loans and advances to credit instit.           235,237        323,896           52,846           93,742        133,941         85,299
          Total                                          235,237        323,896           52,846           93,742        133,941         85,299

4.   Loans and advances etc.
     4.1. Loans and advances to customers               1,525,131      1,031,928        1,142,281         972,629        965,371        973,533
     4.2. Lease contracts                                       0              0                0               0              0              0
     4.3. Appropriated assets                                   0              0           59,831          33,900          4,300         15,858
          Total                                         1,525,131      1,031,928        1,202,112       1,006,529        969,671        989,391

5.   Bonds and other fixed rate
     securities                                           14,548         65,699                    0        3,993         13,052          5,655

6.   Shares and other variable-yield
     securities                                           14,548        155,597             3,780          44,059         18,644          3,899

7.   Shares in associated undertakings                    15,808         33,992           84,448            9,545         25,005         44,300

8.   Shares in affiliated undertakings                         0                 0                 0              0              0               0

9.   Intangible assets                                         0                 0                 0              0              0               0

10. Tangible assets
    10.1. Buildings and land                                   0         43,314           44,609           50,020         24,780         30,912
    10.2. Equipment, machinery etc.                        4,224         13,794           11,345            5,149          6,652          4,240
          Total                                            4,224         57,108           55,954           55,169         31,432         35,152

11. Operating lease assets                                     0                 0                 0              0              0               0

12. Other assets                                           6,001             10           19,189           31,311            108                 0

13. Prepayments and accrued income                         2,017          4,886             3,106           2,746          9,307         45,946

     Total assets                                       1,836,858      1,687,520        1,429,404       1,255,509      1,218,209       1,213,123




                                                              124
                                       SAVINGS BANKS:            BALANCE SHEET PR. 31.12. 1999


                                                     Sparisj.         Sparisj.        Sparisj.                                          Sparisj.
                                                      Norð-            Ólafs-        Þingeyrar-        Sparisj.         Sparisj.         Höfð-
ASSETS              - Thousands of krónur -          fjarðar           víkur           hrepps         Þórshafnar       Súðavíkur       hverfinga

1.   Cash and demand dep. with centr. bank etc.           8,629            4,348           3,179           10,790           2,838            3,092

2.   Treasury bills and other bills eligible for
     refinancing with central banks                             0                0                0                0               0               0

3.   Loans and advanc. to credit institutions etc.
     3.1. Required deposits with central banks                0                0               0                0               0               0
     3.2. Loans and advances to credit instit.          206,072           16,761          66,230           66,045         202,669          81,661
          Total                                         206,072           16,761          66,230           66,045         202,669          81,661

4.   Loans and advances etc.
     4.1. Loans and advances to customers               843,737          561,952         545,400          413,131         290,331         244,736
     4.2. Lease contracts                                     0                0               0                0               0               0
     4.3. Appropriated assets                                 0            5,970               0                0           9,280           6,883
          Total                                         843,737          567,922         545,400          413,131         299,611         251,619

5.   Bonds and other fixed rate
     securities                                                 0         60,034          31,537                   0       10,073          47,301

6.   Shares and other variable-yield
     securities                                          48,827           20,516          10,510           17,970             393          17,598

7.   Shares in associated undertakings                   25,326           34,323          33,651           26,932          27,533            1,044

8.   Shares in affiliated undertakings                          0                0                0                0               0               0

9.   Intangible assets                                          0                0                0                0               0               0

10. Tangible assets
    10.1. Buildings and land                             58,027           38,297          38,175           22,529           6,966          12,757
    10.2. Equipment, machinery etc.                      12,747            8,094           2,885            4,603           6,389           3,367
          Total                                          70,774           46,391          41,060           27,132          13,355          16,124

11. Operating lease assets                                      0                0                0                0               0               0

12. Other assets                                            460              680                  6                0        1,857             158

13. Prepayments and accrued income                        5,093            1,226             906             440            2,883             625

     Total assets                                     1,208,918          752,201         732,478          562,440         561,214         419,222




                                                                125
                                       SAVINGS BANKS:            BALANCE SHEET PR. 31.12. 1999
                                                                                                    Consolid.
                                                                                    Consolid.       accounts
                                                     Sparisj.                       accounts         Sparisj.
                                                     Stranda-          Sparisj.      Sparisj.       Norðlend-
ASSETS              - Thousands of krónur -           manna           Hólahrepps    Kópavogs          inga

1.   Cash and demand dep. with centr. bank etc.           1,647              378        37,172          17,113

2.   Treasury bills and other bills eligible for
     refinancing with central banks                             0              0                0               0

3.   Loans and advanc. to credit institutions etc.
     3.1. Required deposits with central banks                0                 0            0               0
     3.2. Loans and advances to credit instit.           86,998             1,677      440,415         312,361
          Total                                          86,998             1,677      440,415         312,361

4.   Loans and advances etc.
     4.1. Loans and advances to customers               222,013            12,352     4,866,855       1,640,986
     4.2. Lease contracts                                     0                 0             0               0
     4.3. Appropriated assets                                 0                 0        43,624               0
          Total                                         222,013            12,352     4,910,479       1,640,986

5.   Bonds and other fixed rate
     securities                                           1,718             5,955      311,610        1,039,467

6.   Shares and other variable-yield
     securities                                          34,355              259        96,253         313,232

7.   Shares in associated undertakings                   17,482                0       347,435         121,898

8.   Shares in affiliated undertakings                          0              0                0               0

9.   Intangible assets                                          0              0                0       58,560

10. Tangible assets
    10.1. Buildings and land                              7,900                0       198,885         121,326
    10.2. Equipment, machinery etc.                       4,226                0        30,515          27,452
          Total                                          12,127                0       229,400         148,778

11. Operating lease assets                                      0              0                0               0

12. Other assets                                                0              1       196,920         366,900

13. Prepayments and accrued income                          551                0        16,820           7,482

     Total assets                                       376,890            20,623     6,586,504       4,026,777




                                                                126
                                        SAVINGS BANKS:               BALANCE SHEET PR. 31.12. 1999


                                                         Savings-           Sparisj.     Sparisj.
                                                          banks           Reykjavíkur    Hafnar-      Sparisj.        Sparisj.      Sparisj.
LIABILITIES              -Thousands of krónur-             Total           og nágr.      fjarðar      vélstjóra       í Keflavík    Kópavogs

1.   Amounts owed to credit institutions etc.
     1.1. Debts repayable on demand                        1,924,140         1,360,596            0            0                0            0
     1.2. Other debts owed to credit institutions         15,398,130         1,400,002    6,470,897    2,726,321          601,249      499,576
          Total                                           17,322,270         2,760,598    6,470,897    2,726,321          601,249      499,576

2.   Deposits
     2.1. Demand deposits                                 39,051,264        10,366,638    5,799,312    5,313,366        4,777,290    2,138,187
     2.2. Time deposits (up to 3 months)                   6,416,160         2,100,896      626,400      852,417          377,894      357,301
     2.3. Time deposits ( > 3 months)                     14,551,660         4,520,127    1,469,865    2,448,206        1,691,272      636,788
     2.4. Special deposits                                   722,261                 0            0            0                0            0
          Total                                           60,741,344        16,987,661    7,895,577    8,613,988        6,846,456    3,132,276

3.   Debts evidenced by certificates
     3.1. Debt securities in issue                        16,483,244         1,656,865    4,397,071    2,935,640        2,143,885    1,711,586
     3.2. Securities owed to credit institutions           3,529,978         2,611,814            0            0                0            0
     3.3. Other debts                                      1,261,934                 0    1,167,210            0           94,724            0
          Total                                           21,275,156         4,268,679    5,564,281    2,935,640        2,238,609    1,711,586

4.   Other liabilities                                      926,125           140,925       125,733       36,134          159,038       34,188

5.   Accruals and deferred income                           553,573            91,285       110,915       99,398           21,672       34,257

6.   Provisions for liabilities and charges
     6.1. For pension commitments                          1,541,839          262,467       370,370            0          230,413      145,340
     6.2. For deferred taxes                                 893,905          235,980       186,371      177,882           91,395       16,123
     6.3. Other provis. for liabilities & charges                  0                0             0            0                0            0
          Total                                            2,435,744          498,447       556,741      177,882          321,808      161,463

7.   Subordinated liabilities                              2,524,597          833,991       640,297      201,921          297,638      206,240

8.   Owners' equity
     8.1. Share capital/Guarantee capital                  1,503,529           327,178        5,092       24,766          346,775      418,781
     8.2. Reserves                                         6,809,016         1,503,669    1,776,796      961,200                0            0
     8.3. Revaluation account accord. to infl. account     1,110,236                 0            0      406,883          318,313            0
     8.4. Rev. account other than cov. by item 8.3                 0                 0            0            0                0            0
     8.5. Retained earnings                                1,228,379                 0            0            0          294,153      235,891
          Total                                           10,651,160         1,830,847    1,781,888    1,392,849          959,241      654,672


     Total liabilities and owners' equity                116,429,969        27,412,432   23,146,329   16,184,133       11,445,711    6,434,258


OFF-BALANCE SHEET ITEMS

1.   Guarantees etc.
          Guarantees issued                                4,685,963         1,970,625      726,324      500,351          274,008      324,444

2.   Other commitments
           Sale with an option to repurchase                       0                 0            0               0             0            0
           Irrevocable loan commitments                    6,168,466         2,428,842    1,190,997               0       654,259      418,177
           Credit equivalent of derivatives                    6,500                 0        6,000               0             0          500




                                                                    127
                                        SAVINGS BANKS:               BALANCE SHEET PR. 31.12. 1999


                                                         Sparisj.          Sparisj.        Sparisj.      Sparisj.        Sparisj.        Sparisj.
                                                         Mýra-            Bolungar-       Vestmanna-    Norðlend-       Húnaþings         Siglu-
LIABILITIES              -Thousands of krónur-            sýslu             víkur            eyja         inga          og Stranda       fjarðar

1.   Amounts owed to credit institutions etc.
     1.1. Debts repayable on demand                          36,847                 0          43,327            0                0         240,756
     1.2. Other debts owed to credit institutions            33,881         1,597,642         451,892      326,162           26,031         215,233
          Total                                              70,728         1,597,642         495,219      326,162           26,031         455,989

2.   Deposits
     2.1. Demand deposits                                 1,351,705           676,276         877,280     1,068,533         778,190         660,822
     2.2. Time deposits (up to 3 months)                    309,229           133,195         407,697       169,340         160,567         104,028
     2.3. Time deposits ( > 3 months)                       934,063           342,552         230,763       368,926          30,228          40,701
     2.4. Special deposits                                        0                 0               0             0         366,955         342,908
          Total                                           2,594,998         1,152,023       1,515,740     1,606,799       1,335,940       1,148,459

3.   Debts evidenced by certificates
     3.1. Debt securities in issue                        1,153,700          640,592          570,260               0       189,494                 0
     3.2. Securities owed to credit institutions            247,535                0                0               0        13,647                 0
     3.3. Other debts                                             0                0                0               0             0                 0
          Total                                           1,401,235          640,592          570,260               0       203,141                 0

4.   Other liabilities                                      146,001             8,525          16,499       10,525           23,582          11,649

5.   Accruals and deferred income                            36,455             9,202          53,409       18,449            6,122                 0

6.   Provisions for liabilities and charges
     6.1. For pension commitments                           157,850           52,451           43,757       10,085           83,296          49,240
     6.2. For deferred taxes                                 48,185           34,417           27,605       13,374           20,638          20,630
     6.3. Other provis. for liabilities & charges                 0                0                0            0                0               0
          Total                                             206,035           86,868           71,362       23,459          103,934          69,870

7.   Subordinated liabilities                                       0                 0             0      101,907                   0       36,252

8.   Owners' equity
     8.1. Share capital/Guarantee capital                     3,000           36,592              700        2,139            1,970             624
     8.2. Reserves                                          682,526                0                0      366,142          226,810               0
     8.3. Revaluation account accord. to infl. account            0          203,959           51,526            0                0         121,573
     8.4. Rev. account other than cov. by item 8.3                0                0                0            0                0               0
     8.5. Retained earnings                                       0          312,350          262,037            0                0          79,486
          Total                                             685,526          552,901          314,263      368,281          228,780         201,683


     Total liabilities and owners' equity                 5,140,978         4,047,753       3,036,751     2,455,583       1,927,531       1,923,902


OFF-BALANCE SHEET ITEMS

1.   Guarantees etc.
          Guarantees issued                                 264,976           89,134           15,420       35,986           25,587           8,500

2.   Other commitments
           Sale with an option to repurchase                      0                0                0            0                0               0
           Irrevocable loan commitments                     175,524          160,895           88,787      130,131           70,134         131,651
           Credit equivalent of derivatives                       0                0                0            0                0               0




                                                                    128
                                        SAVINGS BANKS:                 BALANCE SHEET PR. 31.12. 1999


                                                          Sparisj.                                        Sparisj.       Sparisj.        Sparisj.
                                                         Hornafjarð.        Sparisj.         Eyra-         Ólafs-        S-Þing-        Önundar-
LIABILITIES              -Thousands of krónur-            og nágr.         Svarfdæla       sparisjóður    fjarðar        eyinga          fjarðar

1.   Amounts owed to credit institutions etc.
     1.1. Debts repayable on demand                          225,285                 0             950             0              0         16,379
     1.2. Other debts owed to credit institutions            204,000            70,038         110,150        33,853        186,768              0
          Total                                              429,285            70,038         111,100        33,853        186,768         16,379

2.   Deposits
     2.1. Demand deposits                                    420,772           863,622         597,531       516,002        624,395        261,681
     2.2. Time deposits (up to 3 months)                      29,570           192,300          40,873       101,807         86,563         78,625
     2.3. Time deposits ( > 3 months)                        379,952           157,698          81,502       321,429        134,009        121,093
     2.4. Special deposits                                         0                 0               0             0              0              0
          Total                                              830,294         1,213,620         719,906       939,238        844,967        461,399

3.   Debts evidenced by certificates
     3.1. Debt securities in issue                           422,198            90,101         264,444        79,351         23,961        162,619
     3.2. Securities owed to credit institutions                   0                 0         132,136             0              0        379,781
     3.3. Other debts                                              0                 0               0             0              0              0
          Total                                              422,198            90,101         396,580        79,351         23,961        542,400

4.   Other liabilities                                        19,628            17,465          28,811        65,143         22,286           7,101

5.   Accruals and deferred income                              4,004            16,603            4,026        5,176          6,023           3,112

6.   Provisions for liabilities and charges
     6.1. For pension commitments                                    0               0          66,215               0              0       12,938
     6.2. For deferred taxes                                         0          21,305               0               0              0            0
     6.3. Other provis. for liabilities & charges                    0               0               0               0              0            0
          Total                                                      0          21,305          66,215               0              0       12,938

7.   Subordinated liabilities                                 29,594                   0        38,300        53,385         26,498                 0

8.   Owners' equity
     8.1. Share capital/Guarantee capital                     74,121             4,547           7,457       216,881          6,360          3,093
     8.2. Reserves                                                 0           253,841          57,009     (137,518)        101,346        166,702
     8.3. Revaluation account accord. to infl. account             0                 0               0             0              0              0
     8.4. Rev. account other than cov. by item 8.3                 0                 0               0             0              0              0
     8.5. Retained earnings                                   27,734                 0               0             0              0              0
          Total                                              101,855           258,388          64,466        79,363        107,706        169,795


     Total liabilities and owners' equity                   1,836,858        1,687,520        1,429,404    1,255,509      1,218,209       1,213,123


OFF-BALANCE SHEET ITEMS

1.   Guarantees etc.
          Guarantees issued                                   24,331            37,744          80,472        80,921         41,625         43,305

2.   Other commitments
           Sale with an option to repurchase                       0                 0               0             0              0              0
           Irrevocable loan commitments                       95,086           148,739          72,346        44,398         77,539         43,192
           Credit equivalent of derivatives                        0                 0               0             0              0              0




                                                                     129
                                        SAVINGS BANKS:               BALANCE SHEET PR. 31.12. 1999


                                                         Sparisj.         Sparisj.        Sparisj.                                         Sparisj.
                                                          Norð-            Ólafs-        Þingeyrar-        Sparisj.         Sparisj.        Höfð-
LIABILITIES              -Thousands of krónur-           fjarðar           víkur          hrepps          Þórshafnar       Súðavíkur       hverfinga

1.   Amounts owed to credit institutions etc.
     1.1. Debts repayable on demand                                 0              0                  0             0                0              0
     1.2. Other debts owed to credit institutions                   0        121,354                  0        32,000          237,179         53,902
          Total                                                     0        121,354                  0        32,000          237,179         53,902

2.   Deposits
     2.1. Demand deposits                                   554,889          262,773         283,490          295,672          191,071        213,498
     2.2. Time deposits (up to 3 months)                     86,975           64,567          43,597           18,226           26,259         21,532
     2.3. Time deposits ( > 3 months)                       257,646           94,578         131,438           65,438           43,532         31,781
     2.4. Special deposits                                        0                0               0                0                0              0
          Total                                             899,510          421,918         458,526          379,336          260,862        266,811

3.   Debts evidenced by certificates
     3.1. Debt securities in issue                                0           26,345               0           15,132                0                 0
     3.2. Securities owed to credit institutions             45,772                0          69,659                0            3,660                 0
     3.3. Other debts                                             0                0               0                0                0                 0
          Total                                              45,772           26,345          69,659           15,132            3,660                 0

4.   Other liabilities                                       17,093            3,649          14,204            4,322            8,492           4,655

5.   Accruals and deferred income                             9,809            7,625           2,758              223            2,045           7,961

6.   Provisions for liabilities and charges
     6.1. For pension commitments                            36,435                  0         8,599                   0               0               0
     6.2. For deferred taxes                                      0                  0             0                   0               0               0
     6.3. Other provis. for liabilities & charges                 0                  0             0                   0               0               0
          Total                                              36,435                  0         8,599                   0               0               0

7.   Subordinated liabilities                                       0         47,506                  0                0        11,069                 0

8.   Owners' equity
     8.1. Share capital/Guarantee capital                     4,343              103           1,064              328           13,197          2,975
     8.2. Reserves                                          195,956          123,701         177,669          131,099                0         82,918
     8.3. Revaluation account accord. to infl. account            0                0               0                0            7,982              0
     8.4. Rev. account other than cov. by item 8.3                0                0               0                0                0              0
     8.5. Retained earnings                                       0                0               0                0           16,728              0
          Total                                             200,299          123,804         178,733          131,427           37,907         85,893


     Total liabilities and owners' equity                 1,208,918          752,201         732,478          562,440          561,214        419,222


OFF-BALANCE SHEET ITEMS

1.   Guarantees etc.
          Guarantees issued                                  37,499           15,114          60,400            9,253            2,675           9,572

2.   Other commitments
           Sale with an option to repurchase                      0                0               0                0                0              0
           Irrevocable loan commitments                      67,425           32,736          16,681           67,567           15,645         22,882
           Credit equivalent of derivatives                       0                0               0                0                0              0




                                                                    130
                                        SAVINGS BANKS:               BALANCE SHEET PR. 31.12. 1999
                                                                                                         Consolid.
                                                                                           Consolid.     accounts
                                                         Sparisj.                          accounts       Sparisj.
                                                         Stranda-          Sparisj.        Sparisj.      Norðlend-
LIABILITIES              -Thousands of krónur-           manna            Hólahrepps       Kópavogs        inga

1.   Amounts owed to credit institutions etc.
     1.1. Debts repayable on demand                                 0                  0            0             0
     1.2. Other debts owed to credit institutions                   0                  0      631,748       884,665
          Total                                                     0                  0      631,748       884,665

2.   Deposits
     2.1. Demand deposits                                   151,923             6,346        2,138,187     1,068,533
     2.2. Time deposits (up to 3 months)                     25,231             1,069          357,301       169,340
     2.3. Time deposits ( > 3 months)                        11,966             6,109          636,788       368,926
     2.4. Special deposits                                   12,398                 0                0             0
          Total                                             201,518            13,524        3,132,276     1,606,799

3.   Debts evidenced by certificates
     3.1. Debt securities in issue                                0                    0     1,711,586            0
     3.2. Securities owed to credit institutions             25,973                    0             0            0
     3.3. Other debts                                             0                    0             0      811,942
          Total                                              25,973                    0     1,711,586      811,942

4.   Other liabilities                                          385                   93       54,262       211,275

5.   Accruals and deferred income                             3,044                    0       34,257        18,449

6.   Provisions for liabilities and charges
     6.1. For pension commitments                            12,383                    0      145,340        10,085
     6.2. For deferred taxes                                      0                    0       16,123        13,374
     6.3. Other provis. for liabilities & charges                 0                    0            0             0
          Total                                              12,383                    0      161,463        23,459

7.   Subordinated liabilities                                       0                  0      206,240       101,907

8.   Owners' equity
     8.1. Share capital/Guarantee capital                     1,202               240         418,781         2,139
     8.2. Reserves                                          132,385             6,765               0             0
     8.3. Revaluation account accord. to infl. account            0                 0               0             0
     8.4. Rev. account other than cov. by item 8.3                0                 0               0             0
     8.5. Retained earnings                                       0                 0         235,891       366,142
          Total                                             133,588             7,005         654,672       368,281


     Total liabilities and owners' equity                   376,890            20,623        6,586,504     4,026,777


OFF-BALANCE SHEET ITEMS

1.   Guarantees etc.
          Guarantees issued                                   7,697                    0      324,444        35,986

2.   Other commitments
           Sale with an option to repurchase                      0                    0            0             0
           Irrevocable loan commitments                      14,833                    0      418,177       130,131
           Credit equivalent of derivatives                       0                    0          500             0




                                                                    131
                 SAVINGS BANKS: DIVERSE FIGURES FROM THE ANNUAL ACCOUNTS


                                                 Savings-         Sparisj.       Sparisj.
                                                  banks         Reykjavíkur      Hafnar-        Sparisj.         Sparisj.         Sparisj.
- Thousands of krónur -                           Total          og nágr.        fjarðar        vélstjóra       í Keflavík       Kópavogs

LOANS AND ADVANCES TO CUSTOMERS
Specification by types of loans:
 Overdrafts                                      24,198,299        7,331,402      4,885,747      2,317,429        2,204,129        1,804,849
 Produce/Operational credits                      1,351,940                0         43,948              0          232,590                0
 Bills of exchange                                2,668,051          345,646        429,544        450,308          413,826          177,861
 Debentures                                      54,416,892       11,171,861     11,503,462      7,397,005        6,236,782        2,898,322
 Letter of credit redeemed                          256,513          106,085        132,397            589           13,057              670
 Other loans                                        135,010           11,117              0              0           40,690                0
               Total                             83,026,706       18,966,111     16,995,098     10,165,331        9,141,074        4,881,702

Specification by sectors:
 Central government and state owned enterprise        0.7%              2.6%          0.1%            0.1%            0.1%             0.1%
 Municipalities                                       1.2%              0.9%          0.1%            2.4%            1.6%             0.1%
 Enterprises:                                        46.3%             49.4%         48.1%           32.7%           38.5%            48.1%
   Agriculture                                        1.8%              0.0%          0.0%            0.3%            0.0%             0.0%
   Fisheries                                         10.3%              2.7%          5.9%            3.9%           11.3%             5.9%
   Commerce                                          15.1%             25.1%         12.2%           35.1%            6.2%            12.2%
   Manufacturing                                      8.4%              3.3%         17.4%            0.0%            4.1%            17.4%
   Housebuilding contractors                          1.1%              1.7%          0.0%            2.6%            3.2%             0.0%
   Communication                                      0.0%              0.0%          0.0%            0.0%            0.0%             0.0%
   Electric power                                     0.2%              0.0%          0.0%            0.0%            2.0%             0.0%
   Services                                          11.0%             16.6%         12.6%            5.1%           11.8%            12.6%
 Households                                          50.1%             47.1%         51.7%           50.6%           59.8%            51.7%
               Total                                100.0%            100.0%        100.0%          100.0%          100.0%           100.0%

LEASE CONTRACTS                                             0               0               0               0                0               0

ALLOWANCE ACCOUNT FOR CREDIT LOSSES
 Balance 1.1.1999                       2,190,470                      317,566      195,041         176,017         162,859          123,614
 Provisions for the year                1,302,219                      109,051      139,861         107,827          78,595           95,566
 - Loans written off                    (507,574)                     (53,961)     (24,422)        (34,601)        (48,516)         (52,342)
 Collected previously written off loans    13,816                            0        8,799               0           1,925              330
 Balance 31.12.1999                     2,998,931                      372,656      319,279         249,243         194,863          167,168

OWN FUNDS AND SOLVENCY RATIO
 Own funds according to law:
  Own funds - A (Tier 1)                          10,604,250       1,830,847      1,781,888      1,302,816          959,241          654,672
  Own funds - B (Tier 2)                           2,456,373         833,991        640,297        201,921          297,638          197,533
  Own funds - C (Tier 3)                                   0               0              0              0                0                0
  - items deducted according to law              (3,026,052)       (709,799)      (372,624)      (557,918)        (272,209)        (187,440)
  Own funds total                                 10,034,571       1,955,039      2,049,561        946,819          984,670          664,765
  Risk assets                                     87,658,225      18,452,607     18,637,705     10,121,572        9,078,093        5,542,653
  Solvency ratio                                      11.4%           10.6%          11.0%           9.4%            10.8%            12.0%

CHANGES IN OWN FUND
 Own funds 1.1.1999                               8,367,187        1,301,654      1,465,185      1,138,268          603,924          276,337
 Prior period adjustments                              7,904                0              0               0               0                 0
 New paid-up share/guarantee capital                720,516          179,848               0          3,096         181,732          324,185
 Revaluation of assets during the year              306,434           63,256         42,213          48,274          24,319            21,386
 Calculated inflation adjustment                      99,647           2,744         23,748           6,141           1,278         (10,934)
 Dividend paid                                     (34,730)         (17,680)          (519)         (2,972)              (0)          (2,440)
 Interest paid on guarantee capital                       (0)             (0)            (0)             (0)             (0)               (0)
 Various contributions                                    (0)             (0)            (0)             (0)             (0)               (0)
 Other additions or disposals                        (1,276)                0              0               0               0                 0
 Profit/Loss for the year                         1,185,478          301,025        251,261        200,042          147,988            46,138
 Own funds 31.12.1999                            10,651,160        1,830,847      1,781,888      1,392,849          959,241          654,672




                                                                132
                 SAVINGS BANKS: DIVERSE FIGURES FROM THE ANNUAL ACCOUNTS


                                                 Sparisj.        Sparisj.          Sparisj.       Sparisj.        Sparisj.        Sparisj.
                                                 Mýra-          Bolungar-         Vestmanna-     Norðlend-       Húnaþings         Siglu-
- Thousands of krónur -                           sýslu           víkur              eyja          inga          og Stranda       fjarðar

LOANS AND ADVANCES TO CUSTOMERS
Specification by types of loans:
 Overdrafts                                         666,724         396,923           298,419        489,140         311,411         490,595
 Produce/Operational credits                         16,495         569,694            39,349              0          72,753          40,139
 Bills of exchange                                  226,394          71,786            28,679         60,021          75,102          55,900
 Debentures                                       2,885,946       1,935,412         1,678,362      1,091,824         959,660         658,707
 Letter of credit redeemed                                0               0                 0              0               0               0
 Other loans                                              0               0            13,430              0               0               0
               Total                              3,795,559       2,973,815         2,058,239      1,640,985       1,418,926       1,245,340

Specification by sectors:
 Central government and state owned enterprise        0.1%              0.1%            0.1%           0.0%            0.1%            0.1%
 Municipalities                                       1.6%              1.4%            1.3%           2.6%            1.9%            0.0%
 Enterprises:                                        69.1%             78.6%           48.2%          22.1%           56.9%           31.4%
   Agriculture                                       21.1%              0.1%            0.1%           2.3%           17.2%            0.0%
   Fisheries                                          0.6%             72.3%           34.9%           1.5%           11.0%           21.6%
   Commerce                                           7.2%              1.7%            5.0%           9.7%            0.2%            1.7%
   Manufacturing                                     26.0%              2.1%            3.0%           4.6%           19.2%            2.2%
   Housebuilding contractors                          0.0%              0.0%            0.0%           0.0%            0.0%            0.1%
   Communication                                      0.0%              1.1%            0.0%           0.0%            0.0%            0.0%
   Electric power                                     0.0%              0.0%            0.0%           0.0%            0.0%            0.0%
   Services                                          14.2%              1.2%            5.1%           4.0%            9.3%            5.7%
 Households                                          29.2%             19.9%           50.5%          75.3%           41.1%           68.5%
               Total                                100.0%            100.0%          100.0%         100.0%          100.0%          100.0%

LEASE CONTRACTS                                             0                0              0                0                0              0

ALLOWANCE ACCOUNT FOR CREDIT LOSSES
 Balance 1.1.1999                                   222,305             64,350          81,324        61,027          73,859          64,606
 Provisions for the year                            141,659             80,607          47,528        35,071          52,480          44,402
 - Loans written off                               (51,418)            (1,166)        (12,076)       (4,375)              (0)       (30,302)
 Collected previously written off loans                   0                  0           1,970             0                0              0
 Balance 31.12.1999                                 312,546           143,791          118,746        91,723         126,339          78,706

OWN FUNDS AND SOLVENCY RATIO
 Own funds according to law:
  Own funds - A (Tier 1)                            685,526         552,901           314,263        368,281         228,780         201,683
  Own funds - B (Tier 2)                                  0               0                 0        101,907               0          36,252
  Own funds - C (Tier 3)                                  0               0                 0              0               0               0
  - items deducted according to law               (136,462)       (134,727)          (60,144)      (208,090)        (53,491)        (81,402)
  Own funds total                                   549,064         418,174           254,119        262,098         175,289         156,533
  Risk assets                                     4,251,471       3,231,949         2,181,516      2,011,339       1,612,653       1,490,008
  Solvency ratio                                     12.9%           12.9%             11.6%          13.0%           10.9%           10.5%

CHANGES IN OWN FUND
 Own funds 1.1.1999                                 614,910           490,941         285,057       293,745          203,455         164,341
 Prior period adjustments                                  0                  0              0              0               0               0
 New paid-up share/guarantee capital                       0             7,888            189               0               0               0
 Revaluation of assets during the year               14,183             10,984          6,987         14,332           7,576           5,745
 Calculated inflation adjustment                     15,937             15,499          3,669        (1,417)           4,214           (750)
 Dividend paid                                        (300)            (3,276)             (0)         (240)           (186)              (0)
 Interest paid on guarantee capital                      (0)                (0)            (0)            (0)             (0)             (0)
 Various contributions                                   (0)                (0)            (0)            (0)             (0)             (0)
 Other additions or disposals                              0                  0              0              0           (91)                0
 Profit/Loss for the year                            40,796             30,866         18,361         61,861          13,812          32,347
 Own funds 31.12.1999                               685,526           552,901         314,263       368,281          228,780         201,683




                                                                133
                 SAVINGS BANKS: DIVERSE FIGURES FROM THE ANNUAL ACCOUNTS


                                                  Sparisj.                                          Sparisj.       Sparisj.        Sparisj.
                                                 Hornafjarð.      Sparisj.           Eyra-           Ólafs-        S-Þing-        Önundar-
- Thousands of krónur -                           og nágr.       Svarfdæla        sparisjóður       fjarðar        eyinga          fjarðar

LOANS AND ADVANCES TO CUSTOMERS
Specification by types of loans:
 Overdrafts                                           624,187        247,394           290,697         161,372        319,314        419,793
 Produce/Operational credits                           19,655         17,654           184,782               0         18,619         53,948
 Bills of exchange                                     16,163         35,440            94,339          31,142         29,703         13,207
 Debentures                                           865,126        731,440           572,204         777,274        597,735        416,813
 Letter of credit redeemed                                  0              0               259           2,841              0              0
 Other loans                                                0              0                 0               0              0         69,774
               Total                                1,525,131      1,031,928         1,142,281         972,629        965,371        973,533

Specification by sectors:
 Central government and state owned enterprise          0.0%             0.1%            0.1%            0.1%           0.0%            0.0%
 Municipalities                                         2.5%             0.7%            1.0%            0.4%           1.4%            0.0%
 Enterprises:                                          28.8%            31.7%           57.8%           40.1%          45.0%           55.0%
   Agriculture                                          3.3%             2.9%            3.4%            1.1%          15.1%            0.0%
   Fisheries                                           12.4%            17.7%           39.7%           13.4%           6.3%           33.9%
   Commerce                                             1.1%             1.1%            7.8%            2.1%           2.7%            4.0%
   Manufacturing                                        5.5%             6.1%            2.1%            9.4%          14.0%            6.9%
   Housebuilding contractors                            0.0%             0.0%            0.0%            0.0%           0.0%            3.3%
   Communication                                        0.0%             0.0%            0.0%            0.0%           0.0%            0.0%
   Electric power                                       0.0%             0.0%            0.0%            0.0%           0.0%            0.0%
   Services                                             6.5%             3.9%            4.8%           14.1%           6.9%            6.8%
 Households                                            68.7%            67.5%           41.1%           59.4%          53.6%           45.0%
               Total                                  100.0%           100.0%          100.0%          100.0%         100.0%          100.0%

LEASE CONTRACTS                                             0                0                  0              0              0               0

ALLOWANCE ACCOUNT FOR CREDIT LOSSES
 Balance 1.1.1999                                      37,544            64,322         58,743         199,998          48,556         25,525
 Provisions for the year                               27,649            35,155        122,507          78,156          19,199         21,973
 - Loans written off                                    (185)          (23,953)       (32,106)       (105,493)         (2,998)        (1,497)
 Collected previously written off loans                     0                 0            792               0               0              0
 Balance 31.12.1999                                    65,008            75,524        149,936         172,661          64,757         46,001

OWN FUNDS AND SOLVENCY RATIO
 Own funds according to law:
  Own funds - A (Tier 1)                              101,855        258,388            64,466          79,363        107,706         169,796
  Own funds - B (Tier 2)                               26,098              0            32,233          39,682         26,498               0
  Own funds - C (Tier 3)                                     0             0                 0               0              0               0
  - items deducted according to law                        (0)      (45,373)          (55,289)        (13,740)       (24,073)        (19,142)
  Own funds total                                     127,953        213,015            41,410         105,305        110,131         150,654
  Risk assets                                       1,448,246      1,397,052         1,217,396       1,128,483      1,067,734       1,087,268
  Solvency ratio                                        8.8%          15.2%              3.4%            9.3%          10.3%           13.9%

CHANGES IN OWN FUND
 Own funds 1.1.1999                                    71,780          215,435         102,188         125,168         91,061        161,175
 Prior period adjustments                                    0                0                0               0             0              0
 New paid-up share/guarantee capital                   18,344                 0           1,670               15             0           151
 Revaluation of assets during the year                    871            6,833            6,911           4,632         3,762          3,344
 Calculated inflation adjustment                        3,974            6,089          (2,369)             943         1,660          5,488
 Dividend paid                                        (2,637)            (335)            (539)         (1,889)            (0)         (332)
 Interest paid on guarantee capital                        (0)              (0)              (0)             (0)           (0)            (0)
 Various contributions                                     (0)              (0)              (0)             (0)           (0)            (0)
 Other additions or disposals                           (359)                 0                0               0             0         (800)
 Profit/Loss for the year                               9,882           30,366        (43,395)        (49,506)         11,223            769
 Own funds 31.12.1999                                101,855           258,388           64,466          79,363       107,706        169,795




                                                                 134
                 SAVINGS BANKS: DIVERSE FIGURES FROM THE ANNUAL ACCOUNTS


                                                 Sparisj.        Sparisj.         Sparisj.                                          Sparisj.
                                                  Norð-           Ólafs-         Þingeyrar-        Sparisj.         Sparisj.         Höfð-
- Thousands of krónur -                          fjarðar          víkur            hrepps         Þórshafnar       Súðavíkur       hverfinga

LOANS AND ADVANCES TO CUSTOMERS
Specification by types of loans:
 Overdrafts                                         341,139           140,978        156,731          158,789          78,352          32,515
 Produce/Operational credits                              0                 0              0                0               0          42,315
 Bills of exchange                                   20,633            13,317         35,801            9,175          11,665          16,472
 Debentures                                         481,965           407,657        352,868          245,167         199,699         153,434
 Letter of credit redeemed                                0                 0              0                0             615               0
 Other loans                                              0                 0              0                0               0               0
               Total                                843,737           561,952        545,400          413,131         290,331         244,736

Specification by sectors:
 Central government and state owned enterprise        0.1%              0.1%           0.0%             0.1%             0.0%            0.1%
 Municipalities                                      14.5%              0.0%           1.5%             4.9%             0.1%            0.0%
 Enterprises:                                        47.4%             39.7%          35.1%            52.7%            30.6%           58.7%
   Agriculture                                        0.7%              0.0%           0.6%             9.9%             4.6%           24.3%
   Fisheries                                         10.9%             28.7%          32.0%            21.5%             5.9%           23.2%
   Commerce                                           8.2%              1.9%           1.0%             3.4%             9.9%            1.4%
   Manufacturing                                     12.9%              4.9%           0.6%            15.1%             3.8%            0.9%
   Housebuilding contractors                          0.0%              0.0%           0.0%             0.0%             1.3%            0.0%
   Communication                                      0.0%              0.0%           0.0%             0.0%             0.0%            0.0%
   Electric power                                     0.0%              0.0%           0.0%             0.0%             0.0%            0.0%
   Services                                          14.7%              4.2%           0.9%             2.8%             5.1%            8.9%
 Households                                          38.0%             60.2%          63.4%            42.3%            69.3%           41.2%
               Total                                100.0%            100.0%         100.0%           100.0%           100.0%          100.0%

LEASE CONTRACTS                                             0               0                 0                0               0               0

ALLOWANCE ACCOUNT FOR CREDIT LOSSES
 Balance 1.1.1999                                    42,419            48,323         27,771            21,262         22,932           36,460
 Provisions for the year                              8,697             9,673         25,148             9,436          3,500            5,016
 - Loans written off                                     (0)          (1,609)       (17,600)           (5,671)             (0)         (3,284)
 Collected previously written off loans                    0                0              0                 0               0               0
 Balance 31.12.1999                                  51,116            56,387         35,319            25,027         26,432           38,192

OWN FUNDS AND SOLVENCY RATIO
 Own funds according to law:
  Own funds - A (Tier 1)                            207,169           123,804        178,733          131,427           37,907          85,893
  Own funds - B (Tier 2)                                  0             47,506             0                 0          11,069               0
  Own funds - C (Tier 3)                                  0                  0             0                 0               0               0
  - items deducted according to law                (20,864)            (9,537)      (37,445)           (6,775)        (15,980)         (3,528)
  Own funds total                                   186,305           161,773        141,288          124,652           32,996          82,365
  Risk assets                                       895,976           707,909        685,805          416,889          316,303        338,970
  Solvency ratio                                     20.8%              22.9%         20.6%             29.9%           10.4%           24.3%

CHANGES IN OWN FUND
 Own funds 1.1.1999                                 176,627           101,433        153,083          113,995          33,408          76,320
 Prior period adjustments                                  0                 0              0                0               0               0
 New paid-up share/guarantee capital                       0                 0              0               28          3,369                0
 Revaluation of assets during the year                6,574             3,942          3,751            3,079           1,129             873
 Calculated inflation adjustment                      3,413             2,096          5,302            3,613             250           3,551
 Dividend paid                                        (411)                (0)         (101)             (28)           (465)           (300)
 Interest paid on guarantee capital                      (0)               (0)            (0)              (0)             (0)             (0)
 Various contributions                                   (0)               (0)            (0)              (0)             (0)             (0)
 Other additions or disposals                              0                 0              0                0               0           (26)
 Profit/Loss for the year                            14,096            16,333         16,698           10,740             215           5,475
 Own funds 31.12.1999                               200,299           123,804        178,733          131,427          37,907          85,893




                                                                135
                 SAVINGS BANKS: DIVERSE FIGURES FROM THE ANNUAL ACCOUNTS
                                                                                                Consolid.
                                                                                Consolid.       accounts
                                                 Sparisj.                       accounts         Sparisj.
                                                 Stranda-        Sparisj.        Sparisj.       Norðlend-
- Thousands of krónur -                           manna         Hólahrepps      Kópavogs          inga

LOANS AND ADVANCES TO CUSTOMERS
Specification by types of loans:
 Overdrafts                                          30,270                0      1,790,002         489,140
 Produce/Operational credits                              0                0              0               0
 Bills of exchange                                    4,157            1,771        177,861          60,021
 Debentures                                         187,586           10,581      2,898,322       1,091,824
 Letter of credit redeemed                                0                0            670               0
 Other loans                                              0                0              0               0
               Total                                222,013           12,352      4,866,855       1,640,985

Specification by sectors:
 Central government and state owned enterprise        0.0%              0.1%          0.7%            0.0%
 Municipalities                                       0.5%              0.0%          0.4%            2.6%
 Enterprises:                                        49.9%             48.3%         58.8%           22.1%
   Agriculture                                        3.2%             38.9%          0.0%            2.3%
   Fisheries                                         24.8%              0.0%          2.1%            1.5%
   Commerce                                           0.0%              7.1%         17.7%            9.7%
   Manufacturing                                     19.5%              0.0%         14.6%            4.6%
   Housebuilding contractors                          0.0%              0.0%          0.0%            0.0%
   Communication                                      0.0%              0.0%          0.0%            0.0%
   Electric power                                     0.0%              0.0%          0.0%            0.0%
   Services                                           2.4%              2.3%         24.4%            4.0%
 Households                                          49.5%             51.6%         40.1%           75.3%
               Total                                100.0%            100.0%        100.0%          100.0%

LEASE CONTRACTS                                             0              0                0               0

ALLOWANCE ACCOUNT FOR CREDIT LOSSES
 Balance 1.1.1999                                    12,683            1,364        123,614          61,027
 Provisions for the year                              3,427                36        95,566          35,071
 - Loans written off                                     (0)              (0)      (52,342)         (4,375)
 Collected previously written off loans                    0                0           330               0
 Balance 31.12.1999                                  16,110            1,400        167,168          91,723

OWN FUNDS AND SOLVENCY RATIO
 Own funds according to law:
  Own funds - A (Tier 1)                            133,588            7,005        654,672         368,281
  Own funds - B (Tier 2)                                   0                0       197,533         101,907
  Own funds - C (Tier 3)                                   0                0             0               0
  - items deducted according to law                      (0)              (0)     (187,440)       (110,009)
  Own funds total                                   133,588            7,005        664,765         360,179
  Risk assets                                       325,834           12,794      5,542,653       3,769,221
  Solvency ratio                                     41.0%            54.8%          12.0%            9.6%

CHANGES IN OWN FUND
 Own funds 1.1.1999                                 101,433            6,264        276,337        293,745
 Prior period adjustments                             7,403              501                0             0
 New paid-up share/guarantee capital                       0                0       324,185               0
 Revaluation of assets during the year                1,468                10         21,386         6,621
 Calculated inflation adjustment                      5,145              363       (10,934)          6,294
 Dividend paid                                         (63)             (17)         (2,440)         (240)
 Interest paid on guarantee capital                      (0)              (0)             (0)           (0)
 Various contributions                                   (0)              (0)             (0)           (0)
 Other additions or disposals                              0                0               0             0
 Profit/Loss for the year                            18,202            (116)          46,138        61,861
 Own funds 31.12.1999                               133,588            7,005        654,672        368,281




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