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No. 1091/2026

28 September 2026

RULES

on the credit risk of financial undertakings.

Article 1 Scope.

These rules apply to financial undertakings that calculate own funds requirements for credit risk in accordance with the Act on Financial Undertakings, No. 161/2002.

Article 2 Calculation of own funds requirements for credit risk.

A financial undertaking that is required to calculate own funds requirements for credit risk shall comply with the provisions of the EU regulations specified in Article 3.

When assessing the materiality of a credit obligation that is past due, a financial undertaking shall apply both 1% of the borrower's total obligations and ISK 15,000 for retail exposure obligations and ISK 75,000 for other obligations in accordance with Regulation (EU) 2018/171, cf. Article 3.

Article 3 Implementation of regulations.

With reference to Article 2, the following regulations shall enter into force in this country:

• Commission Delegated Regulation (EU) No. 183/2014 of 20 December 2013 supplementing Regulation (EU) No. 575/2013 of the European Parliament and of the Council on technical regulatory standards specifying the calculation of specific and general credit risk adjustments, which was incorporated into the EEA Agreement by Decision of the EEA Joint Committee No. 81/2019 of 29 March 2019 published in the EEA Supplement to the Official Journal of the European Union No. 44 of 2 July 2020, p. 65. The Regulation is published in the EEA Supplement to the Official Journal of the European Union No. 50 of 23 July 2020, pp. 285-288.

• Commission Delegated Regulation (EU) 2015/585 of 18 December 2014 supplementing Regulation (EU) No. 575/2013 of the European Parliament and of the Council on technical regulatory standards specifying the risk period for collateral, which was incorporated into the EEA Agreement by Decision of the EEA Joint Committee No. 80/2019 of 29 March 2019 published in the EEA Supplement to the Official Journal of the European Union No. 44 of 2 July 2020, p. 59. The Regulation is published in the EEA Supplement to the Official Journal of the European Union No. 50 of 23 July 2020, pp. 254-256.

• Commission Implementing Regulation (EU) 2016/1646 of 13 September 2016 on technical implementing standards with regard to main indices and recognised exchanges in accordance with Regulation (EU) No. 575/2013 of the European Parliament and of the Council, which was incorporated into the EEA Agreement by Decision of the EEA Joint Committee No. 82/2019 of 29 March 2019 published in the EEA Supplement to the Official Journal of the European Union No. 44 of 2 July 2020, p. 71. The Regulation is published in the EEA Supplement to the Official Journal of the European Union No. 50 of 23 July 2020, pp. 373-383.

• Commission Delegated Regulation (EU) 2018/171 of 19 October 2017 supplementing Regulation (EU) No. 575/2013 of the European Parliament and of the Council on technical regulatory standards for the materiality threshold for past due credit obligations, which was incorporated into the EEA Agreement by Decision of the EEA Joint Committee No. 64/2020 of 30 April 2020 published in the EEA Supplement to the Official Journal of the European Union No. 19 of 9 March 2023, p. 33, with the adaptations resulting from the Decision. The Regulation is published in the EEA Supplement to the Official Journal of the European Union No. 25 of 21 March 2024, pp. 10-14.

• Commission Delegated Regulation (EU) 2021/931 of 1 March 2021 supplementing Regulation (EU) No. 575/2013 of the European Parliament and of the Council on technical regulatory standards specifying the method for identifying derivative transactions with one or more material risk drivers with regard to Article 277(5), the formula for calculating the supervisory delta of call and put options linked to an interest rate risk category and the method for determining whether a transaction is long or short in the primary risk driver or in the most material risk driver in a given risk category with regard to points (a) and (b) of Article 279a(3) of the standardised approach for counterparty credit risk, which was incorporated into the EEA Agreement by Decision of the EEA Joint Committee No. 141/2022 of 29 April 2022 published in the EEA Supplement to the Official Journal of the European Union No. 61 of 22 September 2022, p. 94. The Regulation is published in the EEA Supplement to the Official Journal of the European Union No. 26 of 30 March 2023, pp. 542-547.

• Commission Delegated Regulation (EU) 2022/954 of 12 May 2022 amending the technical regulatory standards laid down in Delegated Regulation (EU) No. 183/2014 with regard to the specification of the calculation of specific and general credit risk adjustments, which was incorporated into the EEA Agreement by Decision of the EEA Joint Committee No. 281/2022 of 28 October 2022 published in the EEA Supplement to the Official Journal of the European Union No. 35 of 4 May 2023, p. 8. The Regulation is published in the EEA Supplement to the Official Journal of the European Union No. 34 of 25 April 2024, pp. 314-315.

• Commission Implementing Regulation (EU) 2022/1650 of 24 March 2022 amending the technical implementing standards laid down in Regulation (EU) 2016/1646 as regards main indices and recognised exchanges in accordance with Regulation (EU) No. 575/2013 of the European Parliament and of the Council, which was incorporated into the EEA Agreement by Decision of the EEA Joint Committee No. 53/2023 of 17 March 2023 published in the EEA Supplement to the Official Journal of the European Union No. 77 of 26 October 2023, p. 46.

• Commission Delegated Regulation (EU) 2023/511 of 24 November 2022 supplementing Regulation (EU) No. 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for the calculation of risk-weighted exposure amounts of collective investment undertakings under the mandate-based approach, which was incorporated into the EEA Agreement by Decision of the EEA Joint Committee No. 157/2023 of 13 June 2023 published in the EEA Supplement to the Official Journal of the European Union No. 87 of 30 November 2023, p. 27.

• Commission Delegated Regulation (EU) 2023/206 of 5 October 2022 supplementing Regulation (EU) No. 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the types of factors to be taken into account in the assessment of the appropriateness of risk weights for exposures secured by immovable property and the conditions to be taken into account in the assessment of the appropriateness of the minimum loss given default values for exposures secured by immovable property, which was incorporated into the EEA Agreement by Decision of the EEA Joint Committee No. 282/2023 of 27 October 2023 published in the EEA Supplement to the Official Journal of the European Union No. 42 of 16 May 2024, p. 59.

• Commission Delegated Regulation (EU) 2025/855 of 28 January 2025 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2021/931 as regards the formula to calculate the supervisory delta of an option linked to commodity risk in bucket 1, which was incorporated into the EEA Agreement by Decision of the EEA Joint Committee No. 209/2025 of 19 September 2025 published in the EEA Supplement to the Official Journal of the European Union No. 3 of 15 January 2026, p. 43.

• Commission Delegated Regulation (EU) 2026/807 of 10 March 2026 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2023/206 as regards the update of references and alignment of terminology following amendments to Regulation (EU) No. 575/2013, which was incorporated into the EEA Agreement by Decision of the EEA Joint Committee No. 271/2026 of 25 September 2025.

With reference to the authorisation in Article III of the transitional provisions of the Act on Financial Undertakings, the Central Bank of Iceland refers to the publication of the English version of Commission Regulations (EU) 2022/1650, 2023/511, 2023/206, 2025/855 and 2026/807 in the Official Journal of the European Union:

• https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX:32022R1650, published in OJ Series L, No. 249, of 27 September 2022, pp. 1-9;

• https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX:32023R0511, published in OJ section L, no. 71, on 9 March 2023, pp. 1-3;

• https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX:32023R0206, published in OJ section L, no. 29, on 1 February 2023, pp. 1-5;

• https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX:32025R0855, published in OJ section L, 2025/855, on 5 May 2025;

• https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX:32026R0807, published in OJ section L, 2026/807, on 7 July 2026.

Article 4. Entry into force.

These Regulations, which are made pursuant to the authority of paragraph 5 of Article 78a and items 28, 31, 32, 39, 41, 47, 55 and 56 of paragraph 2 of Article 117b of the Act on Financial Undertakings, no. 161/2002, enter into force immediately. Upon their entry into force, the Regulations on credit risk of financial undertakings, no. 1590/2025, are repealed.

Central Bank of Iceland, 28 September 2026.
Björk Sigurgísladóttir
Deputy Governor for financial supervision.
Linda Kolbrún Björgvinsdóttir
Managing Director.

B Division — Date of publication: 13 October 2026