diff --git a/nova/network/floating_ips.py b/nova/network/floating_ips.py
index 3f0a7ed95341..1f3e076bc80f 100644
--- a/nova/network/floating_ips.py
+++ b/nova/network/floating_ips.py
@@ -202,6 +202,17 @@ class FloatingIP(object):
                              'project': context.project_id})
                 raise exception.Forbidden()
 
+    def _floating_ip_pool_exists(self, context, name):
+        """Returns true if the specified floating ip pool exists. Otherwise,
+        returns false.
+        """
+        pools = [pool.get('name') for pool in
+                 self.get_floating_ip_pools(context)]
+        if name in pools:
+            return True
+
+        return False
+
     def allocate_floating_ip(self, context, project_id, auto_assigned=False,
                              pool=None):
         """Gets a floating ip from the pool."""
@@ -209,6 +220,9 @@ class FloatingIP(object):
         pool = pool or CONF.default_floating_pool
         use_quota = not auto_assigned
 
+        if not self._floating_ip_pool_exists(context, pool):
+            raise exception.FloatingIpPoolNotFound()
+
         # Check the quota; can't put this in the API because we get
         # called into from other places
         try:
diff --git a/nova/tests/unit/api/ec2/test_cloud.py b/nova/tests/unit/api/ec2/test_cloud.py
index 113af8c96ccd..01a96a1bbb45 100644
--- a/nova/tests/unit/api/ec2/test_cloud.py
+++ b/nova/tests/unit/api/ec2/test_cloud.py
@@ -293,7 +293,11 @@ class CloudTestCase(test.TestCase):
                                'pool': 'nova'})
         self.assertEqual(allocate(self.context)['publicIp'], address)
         db.floating_ip_destroy(self.context, address)
-        self.assertRaises(exception.NoMoreFloatingIps,
+
+        # There are no longer any pools since the last one was destroyed above
+        pools = db.floating_ip_get_pools(self.context)
+        self.assertEqual(0, len(pools))
+        self.assertRaises(exception.FloatingIpPoolNotFound,
                           allocate,
                           self.context)
 
diff --git a/nova/tests/unit/network/test_manager.py b/nova/tests/unit/network/test_manager.py
index bb120251acaf..4e3390761649 100644
--- a/nova/tests/unit/network/test_manager.py
+++ b/nova/tests/unit/network/test_manager.py
@@ -1275,6 +1275,9 @@ class VlanNetworkTestCase(test.TestCase):
         ctxt = context.RequestContext('testuser', 'testproject',
                                       is_admin=False)
 
+        self.stubs.Set(self.network, '_floating_ip_pool_exists',
+                       lambda _x, _y: True)
+
         def fake_allocate_address(*args, **kwargs):
             return {'address': '10.0.0.1', 'project_id': ctxt.project_id}
 
@@ -3325,6 +3328,18 @@ class FloatingIPTestCase(test.TestCase):
                              self.context, mock.sentinel.address))
         mock_get.assert_called_once_with(self.context, mock.sentinel.address)
 
+    @mock.patch('nova.db.floating_ip_get_pools')
+    def test_floating_ip_pool_exists(self, floating_ip_get_pools):
+        floating_ip_get_pools.return_value = [{'name': 'public'}]
+        self.assertTrue(self.network._floating_ip_pool_exists(self.context,
+                                                              'public'))
+
+    @mock.patch('nova.db.floating_ip_get_pools')
+    def test_floating_ip_pool_does_not_exist(self, floating_ip_get_pools):
+        floating_ip_get_pools.return_value = []
+        self.assertFalse(self.network._floating_ip_pool_exists(self.context,
+                                                               'public'))
+
 
 class InstanceDNSTestCase(test.TestCase):
     """Tests nova.network.manager instance DNS."""
diff --git a/nova/tests/unit/test_quota.py b/nova/tests/unit/test_quota.py
index b53492ca4727..41bca1b3c916 100644
--- a/nova/tests/unit/test_quota.py
+++ b/nova/tests/unit/test_quota.py
@@ -120,6 +120,7 @@ class QuotaIntegrationTestCase(test.TestCase):
         address = '192.168.0.100'
         db.floating_ip_create(context.get_admin_context(),
                               {'address': address,
+                               'pool': 'nova',
                                'project_id': self.project_id})
         self.assertRaises(exception.QuotaError,
                           self.network.allocate_floating_ip,
@@ -131,6 +132,7 @@ class QuotaIntegrationTestCase(test.TestCase):
         address = '192.168.0.100'
         db.floating_ip_create(context.get_admin_context(),
                               {'address': address,
+                               'pool': 'nova',
                                'project_id': self.project_id})
         # auto allocated addresses should not be counted
         self.assertRaises(exception.NoMoreFloatingIps,