Icelandic rate setters divided on April cut

Iceland monetary-policy makers voted four to one to cut rates by 150 basis points, minutes of the April meeting revealed.

One of the five members voted for a deeper cut of at least 2%, the central bank has said.

According to the MPC minutes, the dissenter argued that a more substantial cut was needed to help ease the crippling recession which is creating a record amount of bankruptcies.

He also argued that Iceland's high interest rates - aimed at supporting the krona, which has plunged in value