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 frames from around the world suggests that the Iceland hotspot's path differs from older investigations. Many older rocks (dated 75-70 mya) located throughout the area to the west are not only located near hypothesized Iceland hotspot paths, but also attributable to hotspot volcanism, which implies a plausible case for the Iceland hotspot being much older than the earliest rifting of what is now the northernmost Northeast Atlantic. If such a hypothesis is true, then much of the rifting in the North Atlantic was likely caused by thinning and bulging of the crust as opposed to more direct influence by the