Ársskýrsla Landsbankans - Landsbankinn

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Risk Management It is the view of the Board of Directors that sound risk management is a strategic tool to enhance value generation. Internal control should ensure effective operations and prudent management of risks that could otherwise prevent the Bank from attaining its business targets. The Bank has significantly improved the framework and policies in 2010, bringing them to a level with international best practices. To this end the Bank has re-evaluated the credit process, established a credit underwriting unit within the Risk Management division, designed and implemented an Early Warning System and enhanced risk modelling. The Bank aims to further strengthen the risk management process in the coming year. Further description of the Bank’s risk management is provided in Notes 44-79. According to a legislation passed in 2009 the salary of the CEO of <strong>Landsbankinn</strong> is determined by the Compensation Council (”Kjarará›”). The Council determines remuneration and terms of employment of high level government employees, including CEOs of companies in which the government holds a majority of shares. It is a great concern of the Board that the decision of Kjarará› regarding the salary of the CEO of <strong>Landsbankinn</strong> is not set at a competitive level. Statement by the Board of Directors and the CEO The Consolidated Financial Statements for the year ended 31 December 2010 have been prepared on a going concern basis in accordance with International Financial Reporting Standards as adopted by the EU. In our opinion the Consolidated Financial Statements give a true and fair view of the consolidated financial performance of the Group for the year 2010, its consolidated financial position as at 31 December 2010 and its consolidated cash flows for the year 2010. Furthermore, in our opinion, the Consolidated Financial Statements and Endorsement of the Board of Directors and CEO give a fair view of the development and performance of the Group's operations and its position and describes the principal risks and uncertainties faced by the Group. The Board of Directors and the CEO have today discussed the Consolidated Financial Statements of NBI hf. for the year 2010 and confirm them by their signatures. The Board of Directors and the CEO recommend that the Consolidated Financial Statements be approved at the Annual General Meeting of NBI hf. Reykjavík, 31 March 2011. Board of Directors Gunnar Helgi Hálfdanarson Chairman fiórdís Ingadóttir Sigrí›ur Hrólfsdóttir Gu›rí›ur Ólafsdóttir Ólafur Helgi Ólafsson CEO Steinflór Pálsson 102 Ársreikningur 2010 Allar upphæðir eru í milljónum króna
Independent Auditor's Report To the Board of Directors and Shareholders of NBI hf. We have audited the accompanying consolidated financial statements of NBI hf., which comprise the consolidated statement of financial position as at December 31, 2010, the consolidated income statement, changes in equity and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. Management's Responsibility for the Financial Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the EU, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting principles used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of NBI hf. as at December 31, 2010, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the EU. Report on the Board of Directors report Pursuant to the legal requirement under Article 106, Paragraph 1, Item 5 of the Icelandic Financial Statement Act No. 3/2006, we confirm that, to the best of our knowledge, the report of the Board of Directors accompanying the financial statements includes the information required by the Financial Statement Act if not disclosed elsewhere in the Financial Statements. Reykjavík, 31 March 2011. KPMG ehf. Reynir Stefán Gylfason Helgi F. Arnarson Allar upphæðir eru í milljónum króna Ársreikningur 2010 103
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Ársskýrsla 2010
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Lykiltölur Heildareignir Eiginfjá
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Efnisyfirlit 1. 2010 í hnotskurn .
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Júlí Þriðji ársfjórðungur Vi
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Ávarp formanns Bankaráðs og bank
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Steinþór Pálsson, bankastjóri S
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Fjármunamyndun % af VLF Millj. kr.
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Þróun verðbólgu Framlag til 12
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Heildareignir stærstu viðskiptaba
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Innleiðing stefnunnar Markmið Lan
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Ánægðir viðskiptavinir Viðskip
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Ávinningur samfélags og eigenda A
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Viðskiptabanki Viðskiptabanki Lan
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Útibúanet Landsbankans Landsbanki
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Fyrirtækjabanki Fyrirtækjabanki v
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Markaðir og fjárstýring Á svið
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Eignastýring Eignastýring veitir
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Vöxtur Global Equity í samanburð
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Endurskipulagning eigna Endurskipul
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Ferli fjárhagslegrar endurskipulag
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Stoðsvið og stoðdeildir Landsban
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Fjármál Á sviðinu eru starfandi
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Regluvarsla Regluvarsla er ein af g
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Skrifstofa bankastjóra Skrifstofa
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Reginn ehf. Reginn tók til starfa
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Mannauður Landsbankinn er þekking
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Page 59 and 60: Samfélagsleg ábyrgð Landsbankinn
Page 61 and 62: Steinþór Pálsson kynnir verkefni
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Page 65 and 66: Stjórn og stjórnendur bankans Eig
Page 67 and 68: Frá vinstri: Ólafur Helgi Ólafss
Page 69 and 70: Helgi Teitur Helgason, Viðskiptaba
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Page 73 and 74: sérstakar nefndir í umboði Banka
Page 75 and 76: Helstu þættir í árangursmati Ba
Page 77 and 78: Hömlur - smærri fasteignir Tegund
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Page 81 and 82: Áhætta Útlánaáhætta Markaðs
Page 83 and 84: Markaðsáhætta Markaðsáhætta e
Page 85 and 86: Vaxtaáhætta utan veltubókar Vaxt
Page 87 and 88: Samantekt úr ársreikningi Afkoman
Page 89 and 90: Efnahagsreikningur - eignir 31.12.2
Page 91 and 92: Lausafjáreignir Þróun á lausafj
Page 93 and 94: Samsetning innlána 600.000 500.000
Page 95 and 96: Eigið fé 200.000 150.000 100.000
Page 97 and 98: Arðsemi eigin fjár 20% 15% 10% 5%
Page 99 and 100: Gjaldeyrisjöfnuður og gengismunur
Page 101 and 102: Landsbankinn Consolidated Financial
Page 103 and 104: Content Endorsement and Statement b
Page 105: Endorsement and Statement by the Bo
Page 109 and 110: Consolidated Income Statement for t
Page 111 and 112: Consolidated Statement of Cash Flow
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Notes to the Consolidated Financial
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Útgefandi: Landsbankinn Ábyrgðar
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Landsbankinn þinn Þróun og áran
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Ársskýrsla Landsbankans - Landsbankinn

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