Borgartún
Encyclopedia
Borgartún is a street in Reykjavík
, Iceland
that has in the recent years become the city's financial district. Although relatively small, Iceland has become a major European financial centre hosting at least 4 large investment banks and numerous smaller banks.
3 of these four largest Icelandic banks, Glitnir
, Kaupthing Bank
and Straumur are located in or around Borgartún. Glitnir will soon commence the building of new headquarters which will also be located in the vicinity of Borgartún. The financial service sector plays are large role in Icelandic business life and in the economy of Iceland
. It has been the policy and vision of the Icelandic government to make Iceland an international financial centre and have for that reason gradually lowered income taxes on both companies and individuals. Other taxes and fees have also been rapidly decreasing in recent years, resulting in the advancement of Icelandic companies and the rapid growth of the financial sector. Simultaneously, tax revenues have increased greatly due to increased activity and the stimulation of initiative in Iceland. In the end though this did not work out.
Also located in Borgartún is Höfði
, a house built in 1909. Initially, it was the house of the French consul in Iceland. It was the place of the Iceland Summit
when Ronald Reagan
and Mikhail Gorbachev
met there in 1986. It is now mainly used for ceremonies for the Reykjavík City municipality.
The western end of Borgartún houses a complex of buildings where the offices of many departments of the Reykjavík city government, including a centralized service center, are housed.
Reykjavík
Reykjavík is the capital and largest city in Iceland.Its latitude at 64°08' N makes it the world's northernmost capital of a sovereign state. It is located in southwestern Iceland, on the southern shore of Faxaflói Bay...
, Iceland
Iceland
Iceland , described as the Republic of Iceland, is a Nordic and European island country in the North Atlantic Ocean, on the Mid-Atlantic Ridge. Iceland also refers to the main island of the country, which contains almost all the population and almost all the land area. The country has a population...
that has in the recent years become the city's financial district. Although relatively small, Iceland has become a major European financial centre hosting at least 4 large investment banks and numerous smaller banks.
3 of these four largest Icelandic banks, Glitnir
Glitnir (bank)
Glitnir was an international Icelandic bank. It was created by the state-directed merger of the country's three privately held banks - Alþýðubanki , Verzlunarbanki and Iðnaðarbanki - and one failing publicly held bank - Útvegsbanki - to form Íslandsbanki in 1990...
, Kaupthing Bank
Kaupthing Bank
Kaupthing Bank was an international Icelandic bank, headquartered in Reykjavík, Iceland. It was formed by the merger of Kaupthing and Búnaðarbanki Íslands in 2003 and was the largest bank in Iceland....
and Straumur are located in or around Borgartún. Glitnir will soon commence the building of new headquarters which will also be located in the vicinity of Borgartún. The financial service sector plays are large role in Icelandic business life and in the economy of Iceland
Economy of Iceland
The economy of Iceland is small and subject to high volatility. In 2007, gross domestic product was US$12.144bn in total and $38,400 per capita, based on purchasing power parity estimates...
. It has been the policy and vision of the Icelandic government to make Iceland an international financial centre and have for that reason gradually lowered income taxes on both companies and individuals. Other taxes and fees have also been rapidly decreasing in recent years, resulting in the advancement of Icelandic companies and the rapid growth of the financial sector. Simultaneously, tax revenues have increased greatly due to increased activity and the stimulation of initiative in Iceland. In the end though this did not work out.
Also located in Borgartún is Höfði
Höfði
Höfði is a house in northern Reykjavík, the capital city of Iceland, built in 1909. Höfði is located at Félagstúni. Initially, it was built for the French consul Jean-Paul Brillouin in Iceland and was the exclusive residence of poet and businessman Einar Benediktsson for many years...
, a house built in 1909. Initially, it was the house of the French consul in Iceland. It was the place of the Iceland Summit
Reykjavik Summit
The Reykjavík Summit was a summit meeting between U.S. president Ronald Reagan and Secretary-General of the Communist Party of the Soviet Union Mikhail Gorbachev, held in the famous house of Höfði in Reykjavík, the capital city of Iceland, on October 11–12, 1986...
when Ronald Reagan
Ronald Reagan
Ronald Wilson Reagan was the 40th President of the United States , the 33rd Governor of California and, prior to that, a radio, film and television actor....
and Mikhail Gorbachev
Mikhail Gorbachev
Mikhail Sergeyevich Gorbachev is a former Soviet statesman, having served as General Secretary of the Communist Party of the Soviet Union from 1985 until 1991, and as the last head of state of the USSR, having served from 1988 until its dissolution in 1991...
met there in 1986. It is now mainly used for ceremonies for the Reykjavík City municipality.
The western end of Borgartún houses a complex of buildings where the offices of many departments of the Reykjavík city government, including a centralized service center, are housed.