The Audit Commission has been reluctant to be drawn into the crisis over council investments in Icelandic banks. Officials told The MJ that, as a public spending watchdog, it 'comments retrospectively on local authorities' financial structures, and their use of resources in delivering public services.' The commission said it had 'no role in prospectively evaluating councils investment portfolios or commenting on where deposits are placed.' It did, however, stress: 'The current situation is fluid, and it would be pre-emptive to describe any deposits as "lost" while international discussions are being held. It is worth saying, though, that the Audit Commission generally finds treasury management to be one of the strengths of local government'
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