Gleðibankinn

"Gleðibankinn" (English translation: "Bank of Fun") is a song by ICY. Singers Eiríkur Hauksson, Helga Möller and Pálmi Gunnarsson were part of the band. It was the first Icelandic entry and the first song in Icelandic at the Eurovision Song Contest, being performed at Eurovision Song Contest 1986.
The music is positive. It talks about "the bank of fun", which is said to be where people's happiness is found, and not "your empty blues". And because happiness is stored in a bank, it can be taken out at any time when someone is feeling depressed.
Before the song was submitted, all three members performed the song. Only Pálmi Gunnarsson performed the song in the Icelandic finals.
It was the sixth song to be performed, after the United Kingdom's Ryder with "Runner In The Night" and before the Netherlands' Frizzle Sizzle with "Alles heeft ritme". When voting closed, it had 19 points, placing 16th out of 20 countries.
The next song performed for Iceland was Hægt og hljótt by Halla Margrét, which was performed at Eurovision Song Contest 1987.