Preliminary results in for Iceland investigation next week (From Times Series)

Preliminary results in for Iceland investigation next week

9:57am Friday 3rd July 2009 in

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A COMMITTEE will meet next week to hear updates on the investigation into the potential loss of millions-of-pounds in Icelandic banks.

Accountancy firm Deloitte has led an independent investigation into the circumstances that led to £27.4 million being frozen in the collapsed banks.

Deloitte was handed the £18,000 contract to conduct review last month and will deliver the preliminary results of its investigation to an ad hoc overview and scrutiny committee on Wednesday.

The firm has a broad remit to find out how and why Barnet Council officers invested the money in two banks that collapsed along with the money markets.

It emerged in October last year that the money could be lost and treasury manager Patrick Towey later resigned amid revelations that he ignored approved credit rating criteria when making the deposits.