- Act no. 5/2009 amending the Act on the Central Bank of Iceland, no. 36/2001 - New interim Governor and Deputy Governor appointed

The new Act provides for one Governor and one Deputy Governor instead of a
Board of Governors. Decisions on applying the Central Bank's monetary policy
instruments will henceforth be taken by a Monetary Policy Committee. In other
respects, the Bank's direction will be in the hands of the Governor. 

Upon the entry into force of the Act, the Board of Governors of the Central
Bank of Iceland will be abolished, together with the positions of the three
Governors currently sitting on the Board, including the position of Chairman of
the Board of Governors. 
Pursuant to the new Act, the Prime Minister has decided to appoint Svein Harald
Øygard to act as interim Governor and Arnór Sighvatsson, the current chief
economist of the bank, as interim Deputy Governor. The interim Governor and
Deputy Governor will hold these positions until appointments have been made by
the Prime Minister on the basis of advertisements, in accordance with the
provisions of the Act. 

Please find the attached CV for Svein Harald Øygard 
Svein Harald Øygard has been a Director in McKinsey & Company. Svein Harald
works mainly with companies in the field of energy, public policy, industry and
finance on issues related to strategy, organization, growth/business build,
performance improvement and public policy. Prior to joining McKinsey, Svein
Harald worked for 11 years in the Central Bank of Norway, The Ministry of
Finance of Norway and in the Norwegian Parliament as business cycle analyst,
senior executive officer, permanent secretary to the Economic Policy Committee
of the Norwegian Parliament and as economic advisor to the Norwegian Labor
Party Parliamentary Group. While in the Ministry of Finance, he represented the
Ministry in multiple negotiation committees and in the Technical Committee
preparing the basis for the Norwegian wage and income negotiations. He was also
responsible for the Ministry's Inflation analysis and for providing the link
between the Ministry's macro analysis and price and wage modeling. 

In his last position, he served as the State Secretary in the Ministry of
Finance of Norway (1990-94). His responsibilities included macroeconomics, the
interplay of fiscal and monetary policies, financial sector regulations,
structural policies and taxation. Among others, he led the 1992 taxation
review, the task force preparing the Long Term Program of the Norwegian
Government and the report on the possible economic impact of a Norwegian EU
membership. He participated in the teams addressing the 1992 Norwegian banking
and currency crisis. Svein Harald holds a Cand. Oecon (economy, statistics)
degree from the University of Oslo, with a major in Macroeconomic planning. He
also has a degree in Social Science and Public Administration. 

Svein Harald has worked for McKinsey & Company since February 1995. He has
worked with clients across Europe, the Americas, Asia, the Mid-East and Africa
in his years working with McKinsey