Faroese Parliament approves transfer of Investment Fund scheduled for January 1, 2025

The Faroese Parliament has officially approved the transfer of the Investment Fund.

During the third reading, the government’s proposal was unanimously accepted. All 28 members present in the chamber voted in favor of the government’s initiative.

The transfer is scheduled for January 1, 2025.

Since the mid-1970s, the Investment Fund has been managed by a board, with the government appointing the chairperson and members, as well as setting rules for the fund’s operations.

Currently, the fund holds 653 million Danish kronor.

There has been no indication regarding how the funds will be utilized once the transfer occurs.

Existing legislation governing the fund will remain in effect until the relevant authorities in the Faroe Islands decide to amend or repeal it. This also means that the current board will continue in its position.