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
New Iceland New Iceland New Iceland ( ) is the name of a region on Lake Winnipeg in the Canadian province Manitoba which was named for settlers from Iceland. It was settled in 1875. The first Icelandic emigrants to Canada were Mormons from the Westman Islands. The more general migration followed an offer from Lord Dufferin of land in Manitoba to establish what amounted to a "free state". Due to harsh environmental and economic conditions in Iceland, including the eruption of Mount Askja, some 20,000 Icelanders left their homeland between 1870 and 1915 - roughly a quarter of the population of Iceland.