In April 2008, the then-head of the Central Bank of Iceland, David Oddsson sent a formal request to his counterpart at the Bank of England, Mervyn King, to implement a currency swap agreement between the two countries, Althingi’s new collapse report states. The request was rejected.
King did, however, state that foreign central banks could help the Icelanders to sustainably reduce the size and burden of their banking sector. IN his opinion that was the only acceptable course of action.
The Central Bank of Iceland rejected this offer of help, but instead asked King to reconsider his decision on the currency swap agreement. This last letter from David Oddsson never received a reply.
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