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### Viewing cable 09REYKJAVIK30, ICELAND CENTRAL BANK CRISIS: ODDSSON'S NAILS FLAG TO MAST

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Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
09REYKJAVIK30 | 2009-02-09 17:05 | 2011-01-13 05:05 | UNCLASSIFIED//FOR OFFICIAL USE ONLY | Embassy Reykjavik

`

    VZCZCXRO6524
    PP RUEHAG RUEHAST RUEHDA RUEHDF RUEHFL RUEHIK RUEHKW RUEHLA RUEHLN
    RUEHLZ RUEHNP RUEHPOD RUEHROV RUEHSK RUEHSR RUEHVK RUEHYG
    DE RUEHRK #0030/01 0401758
    ZNR UUUUU ZZH
    P 091758Z FEB 09
    FM AMEMBASSY REYKJAVIK
    TO RUEHC/SECSTATE WASHDC PRIORITY 3980
    INFO RUCPDOC/USDOC WASHDC
    RUEATRS/DEPT OF TREASURY WASH DC
    RUEHZL/EUROPEAN POLITICAL COLLECTIVE

` `

    UNCLAS SECTION 01 OF 02 REYKJAVIK 000030

    SENSITIVE

    SIPDIS
    E.O. 12958: N/A
    TAGS: ECON ETRD EFIN CVIS IC
    SUBJECT:  ICELAND CENTRAL BANK CRISIS: ODDSSON'S NAILS FLAG TO MAST

    ¶1. (SBU) SUMMARY. Iceland Central Bank's Chairman of the Board of
    Governors, David Oddsson, refused Prime Minister Johanna
    Sigurdardottir's request to resign on Sunday.  The Prime Minister
    made her request by letter of February 2, pending passage of a law
    allowing the government to dismiss the three governors.  The two
    other Board governors, Ingimundur Fridriksson and Eirikur Gudnason,
    also received letters.  Mr. Gudnason followed Mr. Oddsson and
    refused to resign, while Fridriksson agreed to step down.  The Prime
    Minister expressed extreme disappointment with Oddsson's decision,
    stating that the people of Iceland need new leadership in order to
    restore trust in the Central Bank.  END SUMMARY
    -------------------------------------------
    PM Calls for Central Bank Directors to Resign
    -------------------------------------------

    ¶2. (SBU) PM Johanna Sigurdardottir sent a letter to the three
    Central Bank governors on February 2, asking them to hand in their
    resignations by February 6.  In the letter, the Prime Minister
    stated her desire to replace the Central Bank Board with a single
    new director under a proposed law reorganizing the structure and
    management of the Bank. The new bill, to be considered by Parliament
    shortly, would replace the tripartite board with a single director,
    appointed by the Prime Minister for a seven-year term. The Director
    position would be publically advertised and filled with an
    experienced banking professional with at least a master's degree in
    economics (Oddsson is a professional politician with no economics
    education).
    ¶3.  (SBU) In addition, the proposed legislation would create a new
    Monetary Policy Committee within the Bank.  The Monetary Policy
    Committee would be comprised of five members: the Governor of the
    Central Bank, who would chair the committee, two of the Bank's
    executives responsible for formulating and implementing monetary
    policy, and two experts appointed by the Governor with the
    endorsement of the Prime Minister. The Monetary Policy Committee
    would make all decisions on the Bank's monetary policy control
    mechanisms.
    ¶4.  (SBU) On February 6, Ingimundur Fridiksson sent his response
    stating his intention to resign.  Eirikur Gudnason declared his
    intention to stay on.  David Oddsson waited to February 8 to
    announce his decision to stay on, when a copy of his response letter
    to the Prime Minister was made public on the Central Bank of
    Iceland's website.
    ----------------------------
    David's Response: I Won't Go
    ----------------------------
    ¶5.  (SBU) David's Oddsson's response to the Prime Minister was a
    scathing rebuttal to her request.  He said her letter was
    threatening, and accused the governing coalition of misconduct and
    biased conclusions.  Oddsson claims that he and the Central Bank
    Board of Governors were among the first to warn of the impending
    banking collapse, and pointed the finger at unnamed ministers whose
    motive for getting Oddsson out of the Bank is personal vengeance
    rather than "substantive fault with (his) work." Leaving little
    doubt as to his intentions, Oddsson defiantly concludes, "For my
    part, I have never abandoned any task that I have agreed to take on,
    and I do not intend to do so now."

    ¶6. (SBU) On Sunday evening, the PM of Iceland issued a statement in
    response to Oddsson's letter, stating that Oddsson clearly did not
    share the government's opinion that appointing new employees to the
    Central Bank would increase the people's faith in the system.  She
    also stated her hope that the bill on the reorganization of the
    Central Bank would be passed quickly by Parliament.

    ------------------------------------
    Legal Authority for Dismissal Unclear
    ------------------------------------

    ¶7. (SBU) The Prime Minister's legal recourse is unclear.  There is
    no custom or precedent to fire Central Bank governors.  Under the
    Law on the Central Bank on Iceland (2001), and according to the Law
    on the Rights and Duties of Civil Servants, however, it is possible
    for a governor to be "dismissed temporarily" if he has not been
    punctual, or has shown other negligence, disobedience to a legal
    request or prohibition from his superior, ignorance, or carelessness
    on the job.  In addition, he can be "dismissed temporarily" if he
    has shown unsatisfactory results, has been inebriated on the job or
    his behavior or actions [on the job] has otherwise been considered
    improper, inappropriate, or irreconcilable with the job.  It remains
    to be seen if the Prime Minister will try to use existing statutes
    to fire Oddsson immediately or wait until the Parliament's near
    certain passage of the new Central Bank law.
    ¶8. (SBU) COMMENT.  Many believe the Prime Minister will wait until
    the new Central Bank legislation is enacted. The new legislation
    would automatically make the Bank Board positions redundant.
    Iceland's public continues to demand accountability and express
    their strong desire to clean house.  Editorials wonder why Oddsson
    refuses to leave when his very presence in the Central Bank does
    nothing but harm the international standing of the tattered
    Icelandic financial sector.  Oddsson may believe he played no role

    REYKJAVIK 00000030  002 OF 002

    in the economic crash, but many Icelanders (and much of the
    international economic press) hold the Bank - and Oddsson in
    particular - responsible for not curbing the banks.  Meanwhile, the
    public bickering between the Prime Minister and the Central Bank
    Director has done little to shore up international investor
    confidence in the country.  It is still an open question whether
    Oddsson has the political backing from the old guard Independence
    Party to withstand the demand of the public and government to step
    down.  Demonstrators, fresh from bringing down the previous
    government, have assembled again in front of the Bank.  END
    COMMENT.
    Van Voorst

`