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
Geology of Iceland change with time, Geologists use what is called the "hotspot frame of reference" to gather plate motion estimates, so they can create maps depicting plates moving on the surface of the earth relative to a stationary hotspot. Most work discussing plate motion agrees that the Iceland hotspot was probably located beneath Greenland for a period of time. As the North Atlantic Ocean continued to spread apart during this time period, Greenland was located to the southeast of the Iceland hotspot and likely moved over it from around ~70-40 mya. Some research using new plate motion data gathered from hotspot reference