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
History of Iceland autonomy to the crown, including the right to initiate and consent to legislation. Denmark, however, did not provide much protection to Iceland, which was raided in 1627 by a Barbary pirate fleet that abducted almost 300 Icelanders into slavery, in an episode known as the Turkish Abductions. English and German merchants became more prominent in Iceland at the start of the 15th century. Some historians refer to the 15th century as the "English Age" in Iceland's history, due to the prominence of English traders and fishing fleets. What drew foreigners to Iceland was primarily fishing in the fruitful waters off