<PAGE>
                              OFFICER'S CERTIFICATE


         I do hereby certify and represent that:

         1. I am the duly elected Secretary of deCODE genetics, Inc., a Delaware
corporation.

         2. Pursuant to Rule 306(a) of Regulation S-T, the following Exhibit
10.3 to deCODE genetics, Inc.'s Quarterly Report on Form 10-Q is a fair and
accurate English translation of a document prepared in the Icelandic language.

         IN WITNESS WHEREOF, I have signed this Officer's Certificate in my
capacity as Secretary of deCODE genetics, Inc. on this 15th day of May, 2002.

                                       By:    /s/ Tanya Zharov
                                              ----------------------------------
                                       Name:  Tanya Zharov
                                       Title: Secretary and Corporate Counsel
<PAGE>
                                                                    Exhibit 10.3



                             CURRENCY SWAP AGREEMENT


Contract Identification:     0500/GMVT/02031201
-----------------------

Contracting parties:         Vetrargarourinn ehf., State Reg. No. 581201-2490,
                             Sturlugata 8, 101 Reykjavik, hereinafter referred
                             to as the Customer, and Islandsbanki-FBA hf., State
                             Reg. No. 550500-3530, Kirkjusandur 2, 155
                             Reykjavik, hereinafter referred to as the Bank.

Contract Date:               13 March 2002

First interest day:          15 March 2002

Final date:                  1 March 2007


Customer commitment:

Principal:

<TABLE>
<CAPTION>
                             ----------------------------------------------------------
                                                            Initial
                                                           conversion      Initial ISK
                             Currency    Foreign amount      value          Equivalent
                             ----------------------------------------------------------
<S>                                      <C>               <C>           <C>
                                USD       7,251,415.52      100.67       730,000,000.00
                             ----------------------------------------------------------
                                                             Total ISK   730,000,000.00
                             ----------------------------------------------------------
</TABLE>

Interest term                12 months at a time.

First due date of interest   1 March 2003


Instalments                  The principal recorded above shall be paid with
                             a single payment at the end of the contract
                             term.

Rate of interest             LIBOR-BBA/12M in accordance with the below +6.0%
                             margin annually.

Initial rate of interest

<TABLE>
<CAPTION>
                             ---------------------------------------------------
                             Currency   Base interest                 Total
                                            rate (%)    Margin (%)  interest (%)
                             ---------------------------------------------------
<S>                                     <C>             <C>         <C>
                                USD                       6.0
                             ---------------------------------------------------
</TABLE>
                             The interest determination will be 13 March 2002

Banking day rule             The following banking day.

Day rule                     A/360 and 30/360 for ISK.

Payment terms                The Bank shall withdraw from the account of the
                             Customer on the due dates as follows:

<TABLE>
<CAPTION>
                             -----------------------------
                               Currency     Account Number
                             -----------------------------
<S>                                         <C>
                                   USD      xxx-38-xxxxxx
                             -----------------------------
</TABLE>

Bank's commitment

Principal                    ISK 730,000,000.-

Indexation                   The principal is linked to the consumer price
                             index.

Base index                   221.3

Interest term                12 months at a time.

First due date of interest   1 March 2003
<PAGE>

Instalments                  The principal recorded above shall be paid with a
                             single payment at the end of the contract term.

Rate of interest             The fixed interest rate is 12.0% per year.

Banking day rule             The following banking day.

Day rule                     30/360

Payment terms                The Bank shall deposit on the Customer's bank
                             account No. xxx-xx-xxxxxx on the due dates.

General terms:               In the event that the losses of the Customer as a
                             result of the Contract exceed 50% of the market
                             value of the collateral placed as security for the
                             trading, ISFBA my require the customer to provide
                             security/additional security, which ISFBA considers
                             adequate, within 3-7 days. The same applies even if
                             there is no loss on the Contract if the market
                             value of the collateral falls.

                             Requirements for collateral will be given by
                             telephone, e-mail or fax. Notification shall be
                             regarded as sent to the correct address if it has
                             been sent to the e-mail address / fax number
                             supplied by the Customer. A notice given over the
                             telephone is regarded as being immediately notified
                             to the Customer.

                             In the event that the Customer does not provide
                             security/additional security within the time limit
                             set, ISFBA may, without any obligation to do so,
                             call in or terminate the Contract without notice.

                             In addition to the provisions of this Contract, the
                             General Terms for the Market Transactions of
                             Islandsbanki-FBA and the General Terms on Interest
                             and Currency Swaps published by the Icelandic
                             Bankers' Association and the Icelandic Savings
                             Banks' Association in February 1998 (1 Edition)
                             shall apply. The Customer has acquainted himself
                             with these terms. In the event of any conflict
                             between this Contract and the General Terms, the
                             provisions of this Contract shall apply.

                             The customer may close the contract at any time at
                             the market price as determined by Islandsbanki.

Signature:                   In witness hereof, the parties have signed this
                             Contract in two identical copies, one copy to be
                             retained by each party. By his signature the
                             Customer authorises the above account transfers.
                             The Customer furthermore confirms by his signature
                             that he has acquainted himself with the nature of
                             currency and interest swap contracts and that he
                             has had the benefit of advice from an expert
                             outside the Bank before he signed the Contract.



Reykjavik,    13 March 2002

Islandsbanki-FBA hf.                        Vetrargarourinn ehf.


/s/ Guomundur p Guomundsson                  /s/ Tomas Sigurdsson
---------------------------                  --------------------
    Guomundur p Guomundsson                      Tomas Sigurdsson


/s/ Loa K. Sveinbjornsdottir
----------------------------
    Loa K. Sveinbjornsdottir