Full text: Iceland 1930

Re-discounted Bills . . . . . . 
Deposits, Current Acc. & other 
Creditors Bal. . . . 
Banking Correspondents 
Rebate on Interest . 
Unpaid Dividend . 
Kr. 10 170 000.00 
— 3391 257,08 
— 20524 293.66 
4 481 385.06 
353 137.71 
7 889.00 
Kr. 38 774 962.51 
Biinadarbanki Islands (The Rural Bank of Iceland), founded by law 
of June 14th 1929, commenced activities this year (1930). The scope 
of this bank is to support farming and facilitate the financial trans- 
actions of those who are engaged in productive farming operations. 
The bank is an independent State-owned institution, the national 
treasury being liable for all its engagements. It operates through the 
following six financially separate departments: 
|. Sparisjéds- og rvekstrariinadeild (Savings Bank and Loan Of- 
fice), where almost every kind of general banking and savings 
banks business is transacted. The government is authorized to gua- 
rantee a loan of up to 3 million krénur for this department. 
Veddeild (Hypothec-Mortgage Department) which issues bonds 
in series, backed by mortgage bonds received from borrowers, be- 
sides various other securities of special nature. This department 
chiefly grants loans on security of mortgages in landed property, to 
be used for productive farming operations either for the benefit of 
individual farmers or whole districts conjointly. The government is 
empowered to negotiate a foreign loan not exceeding 2 million 
krénur for the purpose of buving bonds issued bv the depart- 
Buistotnslanadeild (Live-Stock Loan Department). This department 
issues bonds, each series of which must be closed within 5 
years from the date of issue and the redemption of the whole 
series completed within 15 years from the same date. These bonds, 
to the amount of 700 000 krénur, are backed by the treasury, either 
with Viblagasjéds bonds or other securities equally sound. This 
department grants loans to farmers and other persons engaged in 
live-stock rearing, both for the purpose of stocking their farms and 
buying additional stock as well as agricultural and farming im- 
Raktunarsjédur (Agricultural Fund) was established by law of 1925, 
its object being to promote agriculture and contribute to the im-

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