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Putting a Poodle on Watch

In: Bringing Down the Banking System

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  • Gudrun Johnsen

Abstract

When privatization of the Icelandic banks was completed in 2003, the Icelandic Financial Supervisory Authority (FME)—responsible for supervising not only the banking system, but also pension funds, mutual funds, insurance companies, and several other types of financial institutions—had a budget of just 265 million kronas (roughly USD 3.4 million at the time) and just 36 employees.1 As the Icelandic banking system grew in size and became increasingly complex, finan-cial oversight stagnated or got even weaker. While the number of employees in the financial industry grew from 6,100 in 2002 to 8,700 in 2007,2 the number of FME employees only increased from 36 to 47.3

Suggested Citation

  • Gudrun Johnsen, 2014. "Putting a Poodle on Watch," Palgrave Macmillan Books, in: Bringing Down the Banking System, chapter 0, pages 189-194, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-34735-0_16
    DOI: 10.1057/9781137347350_16
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