# Ministry of Finance (Iceland)

The Icelandic Ministry of Finance (Icelandic: Fjármálaráðuneytið) is responsible for overseeing the finances of the Icelandic government. The Minister for Finance and Economic Affairs is Daði Már Kristófersson.

## Organization of the Ministry of Finance

The top civil servant in the Ministry of Finance is Baldur Gudlaugsson, who was appointed Permanent Secretary from 1 November 2000. From 6 February to 30 April 2009, Indridi H. Thorlaksson is acting Permanent Secretary while Mr. Gudlaugsson is on leave. He runs the ministry on a day-to-day basis and is the chief liaison between the Minister and the civil servants. There are six departments of the Ministry of Finance, each of which is headed by a Director-General. The Ministry staff numbers around 80 specialists and support personnel.

### Administration Department

The Administration Department is responsible for general operations of the Ministry, preparation of the ministry's annual operational budget and supervision of the Ministry's information services. It is headed by Angantyr Einarsson since 1 September 2007.

### Budget Department

The Budget Department's main job is to oversee the production of the government's fiscal budget. In addition the Budget Department provides support for the supplementary budget and the government accounts bill. The Budget Office oversees relations with other Ministries and the Parliament concerning the preparation of the Treasury's budget. Nokkvi Bragason is in charge of this department since 1 March 2008.

### Economic Department

The Economic Department is in charge of economic studies in Iceland. This involves surveying the economic situation and its prospects, and forecasting economic trends based on macroeconomic models. The Economic Department is also responsible for providing the revenue forecast for the fiscal budget and performing research into tax and benefit systems. The department oversees the Treasury’s domestic and international cooperation concerning economic matters. Thorsteinn Thorgeirsson is Director-General for this department since 1 January 2005.

### Financial Management Department

The Financial Management Department manages the government's assets and the Treasury fund. This department also ensures the proposed budget is carried out as per legal requirements and that the executive branch is run efficiently. The Director-General of this department is Thorhallur Arason.

### Personnel Policy Department

The main role of the Personnel Policy Department is to represent the Ministry in labor market matters and to present its views. The department also offers advice on the implementation and interpretation of laws, regulations, agreements and government decisions. The Wage Negotiations Committee of the government operates in close cooperation with the department. Gunnar Bjornsson is in charge of this department.

### Taxation and Legal Affairs Department

The main task of the department is to deal with tax matters, to draft bills for the Althingi and interpret existing laws. It also conducts research into the impact of existing taxes and tax changes. The Director-General of this department is Marianna Jonasdottir.

### National Tax Investigation Police
## Goals of the Ministry

The Ministry's main goals are:
* Economic stability and a high standard of living
* A balanced treasury over the longer term
* An economical and efficient tax environment
* Responsible and performance oriented management of state finances
* Transparent government operations and an effective organizational structure
* State of staff of the highest quality
* Delivery of a reliable service with the emphasis on professional work

## List of Ministers of Finance
### Kingdom of Iceland (1918–1944)

| No. | Minister | Took office | Left office | Duration | Party | Cabinet |
| 1 | Björn Kristjánsson (1858–1939) | 4 January 1917 | 28 August 1917 | 7 months and 24 days (236 days) | | Jón Magnússon I |
| 2 | Sigurður Eggerz (1875–1945) | 28 August 1917 | 25 February 1920 | 2 years, 5 months and 28 days (911 days) | | Jón Magnússon I |
| 3 | Magnús Guðmundsson (1879–1937) | 25 February 1920 | 7 March 1922 | 2 years and 10 days (741 days) | | Jón Magnússon II |
| 4 | Magnús Jónsson (1887–1958) | 7 March 1922 | 18 April 1923 | 1 year, 1 month and 11 days (407 days) | | Sigurður Eggerz |
| 5 | Klemens Jónsson (1862–1930) | 18 April 1923 | 22 March 1924 | 11 months and 4 days (339 days) | HRP | Sigurður Eggerz |
| 6 | Jón Þorláksson (1877–1935) | 22 March 1924 | 28 August 1927 | 3 years, 5 months and 6 days (1,254 days) | CP | Jón Magnússon III |
| 6 | Jón Þorláksson (1877–1935) | 22 March 1924 | 28 August 1927 | 3 years, 5 months and 6 days (1,254 days) | CP | Jón Þorláksson |
| 7 | Magnús Kristjánsson (1862–1928) | 28 August 1927 | 8 December 1928 | 1 year, 3 months and 10 days (468 days) | PP | Tryggvi Þórhallsson |
| 8 | Tryggvi Þórhallsson (1889–1935) | 8 December 1928 | 7 March 1929 | 2 months and 27 days (89 days) | PP | Tryggvi Þórhallsson |
| 9 | Einar Árnason (1875–1947) | 7 March 1929 | 20 April 1931 | 2 years, 1 month and 13 days (774 days) | PP | Tryggvi Þórhallsson |
| (8) | Tryggvi Þórhallsson (1889–1935) | 20 April 1931 | 20 August 1931 | 4 months (122 days) | PP | Tryggvi Þórhallsson |
| 10 | Ásgeir Ásgeirsson (1894–1972) | 20 August 1931 | 28 July 1934 | 2 years, 11 months and 8 days (1,073 days) | PP | |
| 10 | Ásgeir Ásgeirsson (1894–1972) | 20 August 1931 | 28 July 1934 | 2 years, 11 months and 8 days (1,073 days) | PP | Ásgeir Ásgeirsson |
| 11 | Eysteinn Jónsson (1906–1993) | 28 July 1934 | 17 April 1939 | 4 years, 8 months and 20 days (1,724 days) | PP | Hermann Jónasson I |
| 11 | Eysteinn Jónsson (1906–1993) | 28 July 1934 | 17 April 1939 | 4 years, 8 months and 20 days (1,724 days) | PP | Hermann Jónasson II |
| 12 | Jakob Möller (1880–1955) | 17 April 1939 | 16 December 1942 | 3 years, 7 months and 29 days (1,339 days) | IP | Hermann Jónasson III |
| 12 | Jakob Möller (1880–1955) | 17 April 1939 | 16 December 1942 | 3 years, 7 months and 29 days (1,339 days) | IP | Hermann Jónasson IV |
| 12 | Jakob Möller (1880–1955) | 17 April 1939 | 16 December 1942 | 3 years, 7 months and 29 days (1,339 days) | IP | Ólafur Thors I |
| 13 | Björn Ólafsson (1895–1974) | 16 December 1942 | 21 October 1944 | 1 year, 10 months and 5 days (675 days) | Ind. | Björn Þórðarson |

### Republic of Iceland (1944–present)

| No. | Minister | Took office | Left office | Duration | Party | Cabinet |
| 14 | Pétur Magnússon (1888–1948) | 21 October 1944 | 4 February 1947 | 2 years, 3 months and 14 days (836 days) | IP | Ólafur Thors II |
| 15 | Jóhann Þ. Jósefsson (1886–1961) | 4 February 1947 | 6 December 1949 | 2 years, 10 months and 2 days (1,036 days) | IP | Stefán Jóhann Stefánsson |
| (13) | Björn Ólafsson (1895–1974) | 6 December 1949 | 14 March 1950 | 3 months and 8 days (98 days) | IP | Ólafur Thors III |
| (11) | Eysteinn Jónsson (1906–1993) | 14 March 1950 | 14 April 1954 | 4 years and 1 month (1,492 days) | PP | Steingrímur Steinþórsson |
| (11) | Eysteinn Jónsson (1906–1993) | 14 March 1950 | 14 April 1954 | 4 years and 1 month (1,492 days) | PP | Ólafur Thors IV |
| 16 | Skúli Guðmundsson (1924–2002) | 14 April 1954 | 8 September 1954 | 4 months and 25 days (147 days) | PP | Ólafur Thors IV |
| (11) | Eysteinn Jónsson (1906–1993) | 8 September 1954 | 23 December 1958 | 4 years, 3 months and 15 days (1,567 days) | PP | Ólafur Thors IV |
| (11) | Eysteinn Jónsson (1906–1993) | 8 September 1954 | 23 December 1958 | 4 years, 3 months and 15 days (1,567 days) | PP | Hermann Jónasson V |
| 17 | Guðmundur Í. Guðmundsson (1909–1987) | 23 December 1958 | 20 November 1959 | 10 months and 28 days (332 days) | SDP | Emil Jónsson |
| 18 | Gunnar Thoroddsen (1910–1983) | 20 November 1959 | 8 May 1965 | 5 years, 5 months and 18 days (1,996 days) | IP | Ólafur Thors V |
| 18 | Gunnar Thoroddsen (1910–1983) | 20 November 1959 | 8 May 1965 | 5 years, 5 months and 18 days (1,996 days) | IP | Bjarni Benediktsson |
| 19 | Magnús Jónsson (1919–1984) | 8 May 1965 | 14 July 1971 | 6 years, 2 months and 6 days (2,258 days) | IP | Bjarni Benediktsson |
| 19 | Magnús Jónsson (1919–1984) | 8 May 1965 | 14 July 1971 | 6 years, 2 months and 6 days (2,258 days) | IP | Jóhann Hafstein |
| 20 | Halldór E. Sigurðsson (1915–2003) | 14 July 1971 | 28 August 1974 | 3 years, 1 month and 14 days (1,141 days) | PP | Ólafur Jóhannesson I |
| 21 | Matthías Árni Mathiesen (1931–2011) | 28 August 1974 | 1 September 1978 | 4 years and 4 days (1,465 days) | IP | Geir Hallgrímsson |
| 22 | Tómas Árnason (1923–2014) | 1 September 1978 | 15 October 1979 | 1 year, 1 month and 14 days (409 days) | PP | Ólafur Jóhannesson II |
| 23 | Sighvatur Björgvinsson (1942–) | 15 October 1979 | 8 February 1980 | 3 months and 24 days (116 days) | SDP | Benedikt Sigurðsson Gröndal |
| 24 | Ragnar Arnalds (1938–2022) | 8 February 1980 | 26 May 1983 | 3 years, 3 months and 18 days (1,203 days) | PA | Gunnar Thoroddsen |
| 25 | Albert Guðmundsson (1923–1994) | 26 May 1983 | 16 October 1985 | 2 years, 4 months and 20 days (874 days) | IP | Steingrímur Hermannsson I |
| 26 | Þorsteinn Pálsson (1947–) | 16 October 1985 | 8 July 1987 | 1 year, 8 months and 22 days (630 days) | IP | Steingrímur Hermannsson I |
| 27 | Jón Baldvin Hannibalsson (1939–) | 8 July 1987 | 28 September 1988 | 1 year, 2 months and 20 days (448 days) | SDP | Þorsteinn Pálsson |
| 28 | Ólafur Ragnar Grímsson (1943–) | 28 September 1988 | 30 April 1991 | 2 years, 7 months and 2 days (944 days) | PA | Steingrímur Hermannsson II |
| 28 | Ólafur Ragnar Grímsson (1943–) | 28 September 1988 | 30 April 1991 | 2 years, 7 months and 2 days (944 days) | PA | Steingrímur Hermannsson III |
| 29 | Friðrik Sophusson (1943–) | 30 April 1991 | 16 April 1998 | 6 years, 11 months and 17 days (2,543 days) | IP | Davíð Oddsson I |
| 29 | Friðrik Sophusson (1943–) | 30 April 1991 | 16 April 1998 | 6 years, 11 months and 17 days (2,543 days) | IP | Davíð Oddsson II |
| 30 | Geir H. Haarde (1951–) | 16 April 1998 | 27 September 2005 | 7 years, 5 months and 11 days (2,721 days) | IP | Davíð Oddsson II |
| 30 | Geir H. Haarde (1951–) | 16 April 1998 | 27 September 2005 | 7 years, 5 months and 11 days (2,721 days) | IP | Davíð Oddsson III |
| 30 | Geir H. Haarde (1951–) | 16 April 1998 | 27 September 2005 | 7 years, 5 months and 11 days (2,721 days) | IP | Davíð Oddsson IV |
| 30 | Geir H. Haarde (1951–) | 16 April 1998 | 27 September 2005 | 7 years, 5 months and 11 days (2,721 days) | IP | Halldór Ásgrímsson |
| 31 | Árni M. Mathiesen (1958–) | 27 September 2005 | 1 February 2009 | 3 years, 4 months and 5 days (1,223 days) | IP | Halldór Ásgrímsson |
| 31 | Árni M. Mathiesen (1958–) | 27 September 2005 | 1 February 2009 | 3 years, 4 months and 5 days (1,223 days) | IP | Geir Haarde I |
| 31 | Árni M. Mathiesen (1958–) | 27 September 2005 | 1 February 2009 | 3 years, 4 months and 5 days (1,223 days) | IP | Geir Haarde II |
| 32 | Steingrímur J. Sigfússon (1955–) | 1 February 2009 | 31 December 2011 | 2 years, 10 months and 30 days (1,063 days) | LGM | Jóhanna Sigurðardóttir I |
| 32 | Steingrímur J. Sigfússon (1955–) | 1 February 2009 | 31 December 2011 | 2 years, 10 months and 30 days (1,063 days) | LGM | Jóhanna Sigurðardóttir II |
| 33 | Oddný G. Harðardóttir (1957–) | 31 December 2011 | 1 October 2012 | 9 months and 1 day (275 days) | SDA | Jóhanna Sigurðardóttir II |
| 34 | Katrín Júlíusdóttir (1974–) | 1 October 2012 | 23 May 2013 | 7 months and 22 days (234 days) | SDA | Jóhanna Sigurðardóttir II |
| 35 | Bjarni Benediktsson (1970–) | 23 May 2013 | 11 January 2017 | 3 years, 7 months and 19 days (1,329 days) | IP | Sigmundur Davíð Gunnlaugsson |
| 35 | Bjarni Benediktsson (1970–) | 23 May 2013 | 11 January 2017 | 3 years, 7 months and 19 days (1,329 days) | IP | Sigurður Ingi Jóhannsson |
| 36 | Benedikt Jóhannesson (1955–) | 11 January 2017 | 30 November 2017 | 10 months and 19 days (323 days) | RP | Bjarni Benediktsson |
| (35) | Bjarni Benediktsson (1970–) | 30 November 2017 | 14 October 2023 | 5 years, 10 months and 14 days (2,144 days) | IP | Katrín Jakobsdóttir I |
| (35) | Bjarni Benediktsson (1970–) | 30 November 2017 | 14 October 2023 | 5 years, 10 months and 14 days (2,144 days) | IP | Katrín Jakobsdóttir II |
| 37 | Þórdís Kolbrún R. Gylfadóttir (1987–) | 14 October 2023 | 9 April 2024 | 5 months and 26 days (178 days) | IP | Katrín Jakobsdóttir II |
| 38 | Sigurður Ingi Jóhannsson (1962–) | 9 April 2024 | 21 December 2024 | 8 months and 12 days (256 days) | PP | Bjarni Benediktsson II |
| 39 | Daði Már Kristófersson (1971–) | 21 December 2024 | Incumbent | 8 days (8 days) | RP | Kristrún Frostadóttir |