Harry Borghouts, the effective head of Noord-Holland’s provincial council, is unlikely to lose his job despite his role in the loss of €78m invested in bankrupt bank Landsbanki, Nos tv reports on Monday.

Last week the entire provincial executive resigned following the publication of a highly critical report about the way the council broke its own rules when it put the money into Icesave. The provincial council is debating the report today.
Queen’s commissioner Borghouts did not resign last week, arguing that his position is different because he is a crown appointee. He has argued that the province did nothing wrong by investing in Icesave.
News agency ANP reports that both the Labour party and Liberals do not think Borghouts should quit as commissioner but say he must reduce the number of other jobs he does and focus more on his job with the province.
Borghouts is also chairman of the civil service pension fund ABP, one of the biggest pension funds in the world, and has several other functions.
Analysts expect the seven-strong board will eventually be reinstated, although financial chief Ton Hooijmaijers said earlier on Monday that he will not rejoin.
For an earlier comment on Borghout’s position, click here