The Competition Authority held a conference this morning to present its newly published report on competition following the crash. At the meeting, the report was presented by Benedikt Árnason, an economist; Sonja Bjarnardóttir, a lawyer; and Páll Gunnar Pálsson, the director. Speeches were also delivered by Árni Páll Árnason, Minister of Economy and Commerce; Birna Einarsdóttir, CEO of Íslandsbanki; and Hermann Guðmundsson, CEO of N1.
The conference was held at the Hilton Nordica Hotel and was attended by around three hundred people from numerous sectors of business and public administration. The Competition Authority thanks the speakers and all guests for their participation in the conference and hopes that the discussion and action on competition matters for businesses in and after the collapse will be kept alive.
From the report:
„The problem in the business sector lies in the excessively slow process of corporate financial restructuring, dissatisfaction with its implementation, and a lack of trust and transparency. Moreover, the financial position of many companies that have completed financial restructuring is poor.„
From the speech of Páll Gunnar Pálsson:
However, it is clear that there are incentives in the system that pull in the wrong direction and delay the process. They delay the recovery of the economy. These perverse incentives are not the responsibility of any particular banks, governments or individuals; rather, they are systemic. To counter them, we must identify them and seek solutions.“
Competition Authority's presentation
Speech by Páll Gunnar Pálsson, Director General of the Competition Authority
Press release from the Competition Authority on the report
The Report: Competition after the crash (2.71 MB file)
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