Index for mortgage payment adjustment, according to Act no. 133/2008, approved by Althingi on 17 November 2008.

A new index for mortgage payment adjustment has been computed by Statistics Iceland in accordance with Act 133/2008, approved by Althingi on 17 November 2008. The Act stipulates that the new index should be based on the monthly wage index, according to Act 89/1989, weighted by the level of employment calculated by the Directorate of Labour.

The methods used in compiling the new index are stipulated in the Act. Information about methods and definition concerning the level of employment are available at the website of the Directorate of Labour. Information about the methods applied for the wage index is available at Statistics Iceland website. Other enquires about the Act should be directed to the Ministry of Social Affairs and Social Security.

The reference period for the index for mortgage payment adjustment is November 2008 and the index is calculated backwards to January 2008. Index published in one month is applied for mortgage adjustment in the following month. From November 2008 changes in the old wage index previously applied for mortgage payment adjustment follow the new index for mortgage payment adjustment. The new index will be published monthly on the website of Statistics Iceland on the first working day after the scheduled publication of the wage index. The index for mortgage payment adjustment in the period January 2008 to December 2008 is as follows:

Statistics