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
Iceland and the International Monetary Fund only 0.09% of all IMF vote shares, or 4,683 votes to be exact. = History of IMF - Iceland relations = As of November 2018, Iceland has had 4 arrangements with the IMF. The borrowing arrangements Iceland has initiated with the IMF total 1,190% , in excess of its normal quota ( amounting to 18% of Iceland's total GDP in the year they were initiated ). This is the greatest amount the IMF has loaned a single country as a proportion of GDP. The conditionalities of Iceland's IMF programmes are based on terms as laid out in Iceland's Letter of