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
Saudi Arabian Monetary Authority Young managed to convince Sulaiman and the king of the need for basic monetary and banking regulation. Young was mandated by the king to draw up a charter for what was to become SAMA within a few hours. SAMA derived its income by charging the government for its services. Its first head was also an American, and accountants were hired from Lebanon. King Abdulaziz and Sulaiman had been convinced of the existential need for institution building in this strategic sector. SAMA’s charter and use of expatriate technocrats bolstered the relative independence of the body. After the Ministry of Finance temporarily