ICY was a vocal trio consisting of Pálmi Gunnarson, Helga Möller and Eiríkur Hauksson. They were the first Icelandic entrants to the Eurovision Song Contest, appearing at the 1986 final in Bergen. Their entry, Gleðibankinn or The Bank of Joy, placed 16th.

Eiríkur Hauksson went on to represent Norway in 1991 as part of the group Just 4 Fun and Iceland again as a solo performer in 2007. Both Pálmi Gunnarson and Helga Möller made further appearances in the Icelandic national finals but did not win.