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Answered by Lynne Featherstone

I think this demonstrates glaring problems and gaps in the accountability of all the institutions that invested in Icelandic Banks. That is why we need all councils etc to have an independent ... Show more »I think this demonstrates glaring problems and gaps in the accountability of all the institutions that invested in Icelandic Banks. That is why we need all councils etc to have an independent investigation into what each particular authority did - as some clearly had better checks than Haringey as they removed their investments in Iceland as soon as the ratings were downgraded - whereas Haringey invested as late as 29th September. Therefore - it is clear that there is not enough, not just accountability or oversight,   but accountability and oversight and basic rules about investments - the first one being don't stuff money into foreigh banks who have been down-rated and are clearly not safe - particularly as the interest rate offered was so much higher than eslewhere. Show less »