Noord Holland council broke financial rules

Noord-Holland provincial council broke its own financial rules when it invested tens of millions of euros in foreign banks, according to a report by council officials.

The province may have lost €98m from its investments in foreign banks, including €78m in Iceland’s Landsbanki which collapsed last year.
The report states that the province carried out no active risk management and there was no proper control over the treasury.
Noord-Holland commissioner Harry Borghouts told the Volkskrant in a reaction that the report did not take the current uproar on the financial markets into account. The province has already taken steps to improve its financial management, he said.

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