Íbúðalánasjóður - Financial Statement Release

Condensed Consolidated Financial Statements of the Housing Financing Fund for the first half of the year 2014

Press Release - 29 August 2014

The Condensed Consolidated Interim Financial Statements of the Housing
Financing Fund (HFF) for the first half of the year 2014 were approved by the
Fund's Board of Directors today. The operating results of the period were
negative amounting to ISK 1,308 million, compared to ISK 2,979 million in
losses during the same period the previous year. HFF's equity at the end of the
period was ISK 13,538 million, compared to ISK 14,845 million at year-end 2013.
At present, the Fund's equity ratio, calculated according to the provisions of
Regulation No. 544/2004 on the Housing Financing Fund, is 3.2%, whereas it was
3.4% at the beginning of the year. The ratio is calculated in the same manner
as the equity ratio of financial undertakings. The Fund's long-term goal is to
keep the ratio above 5.0%, and discussions with the authorities are aimed at
fulfilling the provisions of the Regulation. The condensed consolidate interim
financial statement is now, for the first time, presented as a consolidation of
the parent company and the Fund's subsidiary,  Leigufélagið Klettur ehf., which
commenced its operations at the beginning of the period.

Attachments:

HFF Press release - Financial Statements 30 June 2014.pdf

HFF Financial Statements 30 June 2014.pdf