Úttektin

Úttektin is a colloquial Icelandic term, often translated as "the audit" or "the assessment," that gained prominence in the aftermath of the 2008 financial crisis. It refers to the comprehensive investigation and evaluation of the Icelandic banking system, its collapse, and the subsequent economic fallout. This process was initiated by the Icelandic government to understand the causes of the crisis, identify responsible parties, and to assess the extent of the damage to the national economy.

The úttektin involved numerous investigations, including parliamentary committees, independent expert panels, and the special prosecutor's office. These efforts aimed to dissect the complex web of financial dealings, corporate governance failures, and regulatory shortcomings that contributed to the Icelandic banks' dramatic collapse. The findings of the úttektin were crucial in shaping Iceland's recovery strategy, leading to significant legal actions against former bank executives and a restructuring of the financial sector. The term became a symbol of accountability and a necessary step in rebuilding public trust after a period of intense economic turmoil. It represented a collective effort to understand and address a national crisis.