Gleðibankinn

"Gleðibankinn" (English translation: "Bank of Fun")[1] was the Icelandic entry in the Eurovision Song Contest 1986, performed in Icelandic by ICY, where singers Eiríkur Hauksson, Helga Möller and Pálmi Gunnarsson joined their efforts. This was Iceland's debut entry in the Eurovision Song Contest and consequently the first time that Icelandic had been heard.

"Gleðibankinn"
Eurovision Song Contest 1986 entry
Country	Iceland
Artist(s)	Helga Möller, Eiríkur Hauksson, Pálmi Gunnarsson
As	ICY
Language	Icelandic
Composer(s)	Magnús Eiríksson
Lyricist(s)	Magnús Eiríksson
Conductor	Gunnar Þórðarsson
Finals performance
Final result	16th
Final points	19
Entry chronology
"Hægt og hljótt" (1987) ►

The song is an up-tempo number about "the bank of fun", which the band sings is where one's happiness is to be found. As they put it, "You don't deposit your empty blues in the Bank of Fun". Further, because happiness is stored in a bank, it can be withdrawn anytime one is feeling depressed.

In the Icelandic finals the song was performed by Pálmi alone, but before official submission, Eiríkur and Helga joined him. They had both competed with other songs in the Icelandic finals.

It was performed sixth on the night (following the United Kingdom's Ryder with "Runner In The Night" and preceding the Netherlands' Frizzle Sizzle with "Alles heeft ritme"). At the close of voting, it had received 19 points, placing 16th in a field of 20.

It was succeeded as Icelandic representative at the 1987 Contest by Halla Margrét with "Hægt og hljótt".