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Arion Bank: Measures to combat COVID-19 – update

This release is an update of Arion Bank’s press release published on the stock exchange and the Bank’s website on 27 March, providing updates of the steps taken by the Bank to support its customers, to ensure business continuity and the key measures announced by the Icelandic authorities.

Key government measures since 27 March 2020 and the status of loan repayment options available to customers

  • The Central Bank of Iceland cuts its key policy rate to 1.00%, a reduction of 0.75 percentage points from 27 March.
  • An agreement on bridge loans with a state guarantee of up to 70% came into effect on 7 May. This option is intended for companies which require additional loan facilities, subject to certain conditions. The Bank has so far granted loans amounting to ISK 1.2 billion.
  • An agreement on business support loans came into effect on 12 May. The objective of business support loans is to resolve liquidity problems which could result in redundancies and further economic difficulties. The loans are aimed at businesses which have experienced a significant downturn, particularly companies in the tourism sector. On 31 July Arion Bank had granted loans amounting to ISK 992 million to companies under the agreement.
  • For more information see the websites of the Central Bank of Iceland and the Government of Iceland.
  • Arion Bank has offered payment holiday to individuals and companies due to COVID-19. The table below shows loans subject to payment holiday as a proportion of loans to individuals, corporates and the total loan book.
 31 March 202030 June 202031 July 2020
Total loanbook3.5%11.2%9.8%

Key measures to ensure business continuity at Arion Bank

  • Arion Bank is working in accordance with a contingency plan according to which the welfare of our customers and employees is central. The Bank’s security committee meets on a regular basis.
  • The Bank’s branches closed on 25 March and reopened on 12 May. The Bank’s digital solutions have been used very effectively over the last few months and the business has continued to operate as normal despite the fact that up to 85% of employees were working from home at one point.
  • In order to avoid infection and to reduce the spread of COVID-19 the Bank complies with the instructions of the health authorities. The 2-metre rule is in force which means that many employees are currently working from home.

For any further information please contact Theodór Friðbertsson, Head of Investor Relations at Arion Bank,, tel. +354 856 6760 or Haraldur Guðni Eiðsson, Head of Corporate Communications,, tel. +354 856 7108.

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