IMF-led Iceland package to total $10.2bn

The International Monetary Fund-led loan package to crisis-hit Iceland totals $10

The International Monetary Fund-led loan package to crisis-hit Iceland totals $10.2 billion, a Finnish government official said today.

The IMF said late yesterday its board approved a $2.1 billion loan for Iceland to try to stabilise what the fund called a "banking crisis of extraordinary proportions".

"The whole IMF package, which includes British and Dutch loans to the Icelandic deposit guarantee agency, is about $10.2 billion, out of which the Nordic countries' share is about a quarter," Finland Finance Ministry Under-Secretary Martti Hetemaki said.

"Iceland cannot, at the moment, get loans from markets," Hetemaki said, but added the Nordic countries have not yet finalised the details, including the length of the loans and the share of each Nordic country.

A spokesman for the Swedish Finance Minister Anders Borg said the Nordic $2.5 billion loan to Iceland would be split roughly equally between Sweden, Finland, Norway and Denmark.