"Gleðibankinn" (English translation: "The Bank of Fun") 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.
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 Further, because happiness is stored in a bank, it can be withdrawn anytime one is feeling depressed.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.