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NAO Overseas Investments

Volume 481: debated on Thursday 23 October 2008

I am grateful for that answer. However, does the right hon. Gentleman not think it strange that the commission responsible for overseeing local government, the Audit Commission, had £10 million invested in Icelandic banks?

That is—thankfully—outside my remit, but I point out that, as the Audit Commission is audited externally by the NAO, it is a matter for the Public Accounts Committee.