Audit Commission Reporting on Icelandic banks has money stuck in … Iceland
October 16th, 2008 by Matt Wardman
From the BBC:
The watchdog conducting an inquiry into local authorities’ decisions to invest in Icelandic banks has admitted it has also got £10m tied up in the country.
The Audit Commission’s job is to ensure that £180bn of public sector spending provides “value for taxpayers”.
It said it deposited £5m in Landsbanki in April this year - and a further £5m in July in Iceland’s Heritable Bank.
The commission said the deposits were in “full compliance” with their guidelines “on prudent investment”.
I make no comment, except that it should guarantee the quality of the report while running the risk that it may be too mild.
