Iceland and the International Monetary Fund was to stem capital outflows, to restore confidence in the Icelandic economy and to thus stabilize the Icelandic Krona (ISK) 2008–2011 Icelandic financial crisis. Measures adopted by Iceland included an emergency nationalization of the failing banks, a vote of the Icelandic parliament gave the FME (Icelandic Financial Supervisory Authority) broad authority over the insolvent banks. FME proceeded to audit these banks and to split their assets. Measures were also introduced to increase the minimum capital adequacy ratio of the banks to 10% as a part of the effort to re establish confidence in the economy. As a part of these
Cabinet of Iceland Minister for Iceland at the time of the signing of the agreement, Jón Magnússon, became the first Prime Minister of Iceland. The current cabinet (in office since 11 January 2017), consists of the following ministers: Cabinet of Iceland The Cabinet of Iceland () is the collective decision-making body of the government of Iceland, composed of the Prime Minister and the cabinet ministers. The Cabinet of Iceland is considered to have been formed 1 February 1904 when home rule was expanded in Iceland and Hannes Hafstein became the first Icelander to hold the position of Minister for Iceland in the Cabinet