The parliamentary recommendation was handed down just as global bankers met in Switzerland and agreed to new international banking rules [BBC report] that would prevent a repeat of the global financial crisis. The rules would call for some banks to raise more capital from shareholders and could have the effect of limiting lending. The new rules could go into effect if they are ratified by heads of government at the G-20 [official website; JURIST news archive] summit in November. The Icelandic financial crisis began in 2008 as a result of the financial crisis [JURIST news archive] emanating from securities related to the US mortgage market. The Icelanic government took over three ailing banks, which collectively held debt equaling more than 900 percent of the country's gross domestic product. This caused the economy to collapse and necessitated governmental reliance on loans from the International Monetary Fund (IMF) [official website]. The country considered seeking accession [JURIST report] to the EU after current Prime Minister Johanna Sigurdardottir [official profile] argued that adopting the Euro would help stabilize the economy. In 2008, the UK used anti-terrorism laws to freeze $4 billion [JURIST report] in assets held by Landsbanki [corporate website], one of the ailing banks, after its takeover by the Icelandic government.