The Sports elf attended the Iceland Stock Exchange this morning and introduced the healthy Lató economy to the director of the Iceland Stock Exchange and the Minister of Education, Tómas Inga Olrich. Árni Tómasson, CEO of Búnaðarbanki, then formally launched the Lató Economy by handing over the first Lató notes to Tómas Ingi. The Lató economy is a framework for play for all children 11 years and younger.
The game takes place in such a way that kids who deposit in an Æskulínan bankaccount, at Búnaðarbanki, receive lató notes that they can use as a coupon for various healthy products and healthy entertainment throughout the summer. The aim of the Lató economy is to introduce children to the value of a healthy lifestyle and the role of healthy food and exercise in it. Also show them the value of saving. Last summer, more than 10 million Latós entered the Lató economy and were used for healthy food and exercise.
With the Lató economy, Búnaðarbanki and Latibær encourage children to live a healthy life. According to recent research, 20% of Icelandic school children are overweight and 5% are obese. Obesity also seems to be on the rise among school children. According to figures from the US National Board of Health, half of the school children there are overweight and obesity is well on its way to becoming the nation’s main fatal disease. The only way to reverse this is with exercise and a healthy diet.
The Lató notes can, for example, be used for swimming at ÍTR’s swimming pools in Reykjavík and at Búnaðarbanki’s service points around the country, as well as at Húsdýragarðurinn every working day. You can also buy various healthy and good products in Hagkaup and in selected stores all over the country while stocks last. The Lató products are all specially marked. These include Cheerios, Lato water, vegetables, Lato bread and selected dairy products. With Lató menus, you can get a discount on a meal from a children’s menu at Edduhótelir and free swimming. Children and adults can familiarize themselves with the rules and get information about shops and swimming places where Lató notes are accepted at Krakkabanki Búnaðarbanki’s website.
Lató – financial education
Lató banknotes were first issued by Búnaðarbanki in 1998, and Æskulínan members has received such banknotes on the equivalent of what they deposit in the bank. In this way, the members of Æskulínan have been able to monitor their deposits in the bank at any given time. Búnaðarbanki has provided training for customers of all ages and the Lató notes are part of the training for the youngest generation. Last summer, the Lató banknotes gained new value when the Lató economy began its journey for the first time. For the first time, it was possible to get healthy products and services with Lató banknotes in shops and petrol stations, as well as access to swimming pools and the Family and Animal Park.
Morgunblaðið – June 26, 2002 – 147th issue, Page 11
The Lato economy launched
The Sports elf in Latibær presented the Lato economy which was started at the Iceland Stock Exchange last week. Árni Tómasson, CEO of Búnaðarbanki, opened up the economy by handing over the first Lato notes to the Minister of Education, Tómas Inga Olrich. The sports elf Þórður Friðjónsson, CEO of the Iceland Stock Exchange, also presented a business plan outlining how the economy can develop in the future.
The Lato economy is a framework for a summer game for kids aged 11 and younger, according to Magnús Scheving, Latibær’s managing director. “Kids deposit in an bankaccount at Búnaðarbanki and get so-called Lató notes which they can use as a coupon for various healthy products such as bread rolls, water and vegetables. The banknotes can also be used, for example, for swimming or the family and zoo.” He says that with the Lató economy, Búnaðarbanki and Latibær want to encourage children to live a healthy life, when last summer 10 million Lató went into the economy. “We are here to combine exercise, a healthy diet, and savings, which you can enjoy.”
The idea for Latibær has been turned into an export product, when now 40 TV shows for children are being made about Latibær in the United States, according to Magnús. “Next, the policy will be taken to Spain and France, where both the factors and the benefits of the system will be presented there.”
He mentions that in this country Latibær will then open a radio station for children this summer where the emphasis will be on entertainment and education, among other things about the Icelandic language and geography.
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