Arion Bank has set up a €3 billion programme for the issuance of covered bonds which meets the conditions required to qualify as European Covered Bonds (Premium). On 25 November 2011, Arion Bank was licensed by the Financial Supervisory Authority of Iceland to issue covered bonds in accordance with the Icelandic Act on Covered Bonds, No. 11/2008, cf. Rules No. 190/2023. The issue is monitored by the Financial Supervisory Authority of the Central Bank of Iceland which also approves the appointment of an independent inspector.