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