Once the Icesave dispute had got underway, it became clear that there had been several high-level contacts between the British and Icelandic governments in the weeks (and even months) before Landsbanki's collapse. On 12 February 2008, at an International meeting in London, the Central Bank of Iceland (CBI) received the first warning sign by representatives from foreign banks and credit rating agencies, who concluded that the Icelandic banks were in a serious situation and that immediate action was needed to manage the current situation. CBI was advised to make a request towards Landsbanki, that they should prepare for a transfer of the Icesave accounts from their foreign branch into a UK subsidiary, so that it could be subject to UK law for bank supervision and the UK minimum deposit guarantee scheme. Landsbanki indeed sought legal advice for such a move on 22 February, but for unknown reasons dropped the idea in April, and despite of the fact that the UK Financial Services Authority (FSA) in July 2008 directly had insisted such a transfer into a subsidiary should happen, Landsbanki continued to run Icesave as a foreign branch straight until it went bankrupt.