IR

bank is entrusted to a board of governors, consisting of 5 members,
and a board of directors of 3 members who act as the executive of
the bank. The committee is composed of 15 members, elected by both
houses of Althingi for a term of 6 vears. The chairman of the board
of governors is appointed by the minister in charge of banking matters
for a term of years, while the remaining four are chosen by the
committee to serve for 4 years. The board of governors appoint the
managing directors, while the committee elect two auditors to audit the
accounts of the bank.
As the Banking Department of the National Bank is in the course
of the present year to be divided into two departments: an issue department
 and a savings bank department, the subjoined balance sheet
on the 31st of December 1928 refers to the banking department as
at present constituted :

I. The Banking

Department.

Assets.

Jold Reserves .
Loans . . , .
Discounts . . . . ,
3ank Bills discounted
3onds . . . . .
Real Estate . . .
Correspondents .
Divers Debtors .
Cash. . . .

» kr. 559 725.00
17 460 510.24
26 349 963.31
1 505 886.50
4770 261.85
2368 812.52
11 750 364.61
495 318.22
408 646.37
Kr. 65 669 488.62

>
se
5,
7.
B.
J)

Liabilities:
Capital Stock
Notes . . . .
Government Loan . . , , | —
British Loan. . . . . . , —
3ank Bonds . . . . . , . —
Foreign Bank-Acceptances discounted
 . . . . . , , , —
Deposits . . . . . , , . —
Hypothec-Mortgage Department
Correspondents . . . . .
Mortgages on the Banks Real
Estate . . . . . . . ,
11. Diverse Creditors . . . , .
12. Profit & Loss Account , . .

. kr.

3 000 000.00
4 242 000.00
1806 223.23
3 544 000.00
500 000 00

3346 000.35
46 544 360.80
1730620.16
288 631 45

211 804.99
265 270.61
223577.03
Kr. 65669 488.62