Global financial crisis in October 2008 in Iceland. On October 7 the Federal reserve announced formation of a Commercial Paper Funding Facility (CPFF) which will serve as a funding backstop to facilitate the issuance of term commercial paper by eligible issuers. Several countries announced new or increased deposit guarantees: Taiwan outlined plans to double the guarantee to NT$3 million ($92,000) and the European Union agreed to increase guarantees across the EU to at least €50,000 per saver. Several EU states then announced increases on top of this minimum: Netherlands, Spain, Belgium, and Greece each announced they would guarantee up to €100,000. The government of Britain announced
2008–2011 Icelandic financial crisis who served as chairman, Parliamentary Ombudsman Tryggvi Gunnarsson and Sigríður Benediktsdóttir associate chair at Yale University, to investigate the causes and lessons of the crisis. The commission released its report on 12 April 2010. The Office of the Special Prosecutor was founded with the passage of a bill in the Icelandic parliament 10 December 2008. The aim was to investigate suspected criminal conduct leading up to, in connection with or in the wake of the banking crisis, whether these relate to the activities of financial undertakings, other legal entities or individuals, and, as appropriate, to follow up these investigations by