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altocumulus
Posts: 570 Forumite
The watchdog which monitors national and local government spending has admitted it has £10m tied up in Iceland's troubled banks.
The Audit Commission seeks 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".
Embarassment
The admission is embarrassing for the body established to ensure greater efficiency and value for money in the delivery of public services.
BBC link : http://news.bbc.co.uk/1/hi/uk_politics/7673248.stm
The Audit Commission seeks 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".
Embarassment
The admission is embarrassing for the body established to ensure greater efficiency and value for money in the delivery of public services.
BBC link : http://news.bbc.co.uk/1/hi/uk_politics/7673248.stm
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