Iceland elected a new government in April 2013, which as one of their top priorities wanted to negotiate a debt haircut towards foreign creditors of the three failed Icelandic banks now in receivership, as part of a deal to lift the long enforced (since November 2008) capital controls.[252] The current capital controls ban a swap/exchange of ISK denominated assets to foreign currency, and so by effect has trapped repayment of ISK denominated assets to the creditors – which in theory mean they should be interested to accept a haircut in return for getting the capital controls lifted.[253][254] The Icelandic government intent somehow to route the saved money from the negotiated debt haircut for creditors into a national household debt relief fund, enabling a 20% debt relief for all household mortgages. In July 2013, Standard & Poors recommended Iceland to drop the debt relief initiative, as it would only result in increased debt for the government – making it even more difficult to lend at credit markets, and it was forecasted also to ignite high inflation along with an economic recession equal to a GDP detraction of 10%.[255] The government has nevertheless appointed a taskforce to present proposals on how best to achieve the government's goal about implementing a combined capital control abolition and debt relief for households, with a reporting deadline in October 20