Iceland - Report on the Observance of Standards and Codes - Data Module, Response by the Authorities, and Detailed Assessments Using the Data Quality Assessment Framework (Electronic book text)

1. On November 19, 2008 the Executive Board approved a two-year Stand-By Arrangement (SBA) for Iceland under the Emergency Financing Mechanism (EFM), in the amount of SDR 1.4 billion ($2.1 billion, 1190 percent of Iceland's quota). A first purchase of SDR 560 million was made following the Board meeting. The EFM calls for a review of the initial policy response and the reaction of markets to the authorities' policies within one to two months of the approval of the arrangement.