Mark speaking on the Icelandic Banks Crisis

Speech by Mark Hunter on Wed 15th Oct 2008

The Minister has referred repeatedly to financial experts from the Department offering help to local authorities that have found themselves caught up in this crisis. Speaking as a former council leader, I am sure that councils would welcome any help and support that the Government are able to offer, but may I ask the Minister about another form of financial expertise which, although it has not been mentioned so far today, is central to the subject we are discussing? I refer to the consultants who have been giving advice to local authorities about their investments in Icelandic banks. Does he share my concern about that advice, and does he agree that his Department ought to hold an inquiry into it to establish whether there are-as many suspect-direct links between its quality and consistency and the investments made in those banks in Iceland?