Officials from the UK Treasury were in Reykjavík over the weekend of 4–5 October discussing the position of the Icelandic-owned banks operating in the UK, after Glitnir had failed to repay British wholesale depositors on Friday 3 October. The result of the meeting was a letter dated 5 October 2008 on behalf of the Icelandic Minister for Business Affairs, stating that: "If needed the Icelandic Government will support the Depositors' and Investors' Guarantee Fund in raising the necessary funds, so that the Fund would be able to meet the minimum compensation limits in the event of a failure of Landsbanki and its UK branch."