ICIJ – The Icelandic Center for Investigative Journalism (Miðstöð rannsóknarblaðamennsku á Íslandi) was formally founded in the spring of 2011. It is a response to a grave situation in Iceland where investigative journalism is almost non-existent. The banking crisis of fall 2008 that led to a near economic meltdown of the Icelandic economy has severely weakened the Icelandic media, leading to massive lay-offs (up to a ¼ of all journalist according to an estimate of the Federation of Icelandic Journalists – BÍ) and cuts in funding to investigative journalism project. As a response to this situation a dedicated group of reputable journalists, many of whom have been awarded for their work, founded the ICIJ. It is an independent body associated with The University of Iceland, sanctioned by its Social Science Department. The head of MA in media and journalism at the University of Iceland sits on the board of directors of ICIJ and its book keeping and financial overview is a responsibility of the academy.