Which index fell more than 60% during Iceland’s 2008 financial crisis?

The OMX Iceland 15 fell more than 60% during Iceland’s 2008 financial crisis.

Iceland’s three major banks—Glitnir, Landsbanki, and Kaupthing—had expanded rapidly before the crisis, building balance sheets many times larger than Iceland’s economy. When international credit markets froze, the banks struggled to refinance their foreign obligations. The Icelandic government took control of the banking system.

Trading on the Iceland Stock Exchange was suspended for several days in October 2008. When the market reopened, the index had to be recalculated after banks were removed from the exchange. The OMX Iceland 15 subsequently suffered an extraordinary collapse, reflecting both the banking failure and the small market’s concentration.

The name OMX Iceland 15 refers to a share index, not the entire national economy. Iceland’s currency, the króna, also lost substantial value, but currency depreciation and equity-index performance are different measures.