Ship financing fund law to be updated

The Ministry of Finance has submitted a bill which seeks to bring the ship financing fund legislation up to date. Føroya Realkreditstovnur (the Ship Financing Fund) was founded by the Danish Parliament in 1955.

When Faroese authorities took charge of the fund in 1998, certain changes and adjustments were made to the law; however, there are still some provisions in the law which date back to 1955.

The Insurance Authority of the Faroe Islands, the National Audit Office and the Ship Financing Fund have requested the law changes featured in the new proposal.

Translated by prosa.fo