The Central Bank of Island is built on the hill at Arnarhóll, in the centre of the city Reykjavic. Start of the construction works was 6th of May 1986, inaugurated by the then-current president of Iceland, Ms. Vigdís Finnbogadóttir. One year later, in 1987, the Bank moved into its new headquater. The building was designed by architects Guðmundur Kr. Guðmundsson and Ólafur Sigurðsson. It is one of the first buildings in Iceland to feature aluminium siding, as parts of the exterior is clad with aluminium.