be taken to strengthen the foundations of the icelandic bond market. the treasury is in an unusually strong position at present and its debts are decreasing from one year to the next. although the treasury does not need to raise funds in the market, this does not prevent treasury instruments from forming the backbone of active markets, as international experience shows us. the ministry and government have responded positively to the central bank ’ s promptings and are now considering them. the icelandic treasury is in a very strong position and the icelandic economy is highly flexible and responsive. icelandic financial institutions have never had a better foundation for building on than now. i am convinced that the warning bells that have been ringing will eventually be to our advantage. in our high - tech age we sometimes notice that it is the warning bells themselves that are broken and simply need to be mended. this may well be true of some of the bells that have been ringing recently. but we shall still take all the warning signs seriously and rectify everything that is rightly found wanting, no matter how trivial it may seem. then, in the course of time, we will stand even stronger. a solid and powerful banking and financial system is the precondition for a dynamic society. most of the people who can influence this good position are present at this meeting now. they are all urged to do their utmost. there is much at stake.

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