In large part, the Bank has closed its vaults outside Reykjavík so as to better define the roles and responsibilities of the financial institutions that participate in various phases of banknote distribution around the country.
The Bank’s vaults in regional Iceland have a long history. There were five such vaults in 1950 and 24 when their number peaked in 1980. In 2003 the Bank decided to aim at closing all of its vaults outside the capital area. Regional vaults have been closed gradually since that time, and the last one was closed today.