Province executives resign over Icesave

The seven-strong executive board at Noord-Holland provincial council resigned on Wednesday following the loss of millions of euros of provincial cash in Iceland’s Landsbanki bank.

Last week, an independent report strongly criticised the council for breaking its own financial rules and not being rigorous enough in analysing its investments.
Noord-Holland has lost €98m through the collapse of a number of foreign banks, of which €78m was invested in Icesave. Some of that money was also borrowed.
Nothing wrong
The executive board, known as a college, is responsible for the day to day running of the province and named by the provincial councillors themselves.
Council executive Ton Hooijmaijers, who was in charge of the province’s finances, said the board had not done anything wrong but was resigning ‘as a signal to society’.
The queen’s commissioner in Noord-Holland, Harry Borghouts, is not resigning despite his role in the affair. He is a crown appointee.
The Telegraaf says it is the first time an entire province’s management has resigned.

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