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–Russia relations study was carried out of the seabed in waters surrounding the island. Former President of Iceland Ólafur Ragnar Grímsson went to Russia from April 18, 2002 to April 24, 2002. Grimsson visited Saint-Petersburg, Moscow, Novgorod and Salekhard. In 2008 Prime Minister Geir Haarde has sent a delegation to Russia to negotiate a £3bn (€4bn) capital injection into the country's finances, after the country's traditional Western allies refused to help the collapsing banking system. The loan was later renegotiated to $500 million after Iceland managed to secure loans from Scandinavian countries and the International Monetary Fund, but finally Russia refused to