Contents
This page contains a statement by Kit Malthouse about the KPMG review of Icelandic investments
Warning: This is archived material and may be out of date. The Metropolitan Police Authority has been replaced by the Mayor's Office for Policing and Crime (MOPC).
See the MOPC website for further information.
Statement by Kit Malthouse, MPA Vice Chair, about MPA independent review of Icelandic Investments
2 April 2009
With the collapse of the Icelandic banks in October 2008, £30 million of the investments made by the Metropolitan Police Service were exposed to risk. I raised serious concerns about internal controls in place to ensure public funds are secure and safe.
The Metropolitan Police Authority Finance and Resources Committee commissioned KPMG to conduct an independent review of the MPS Treasury investment procedures.
Following receipt of the report, MPA members accepted the recommendations of the KPMG review. The Corporate Governance Committee will monitor the implementation of the recommendations going forward. In the interest of transparency and mindful that the MPA is funded by the public purse, we have published the report from the KPMG review and other relevant documents including the MPA Treasury Management Action Plan.
Notes to Editors
Documents published
20 November 2008
- ‘MPA Investments into Icelandic Banks’ report to Finance and Resources Committee
5 March 2009
- 'Investments in Icelandic Banks' report to joint Strategic and Operational Policing Committee and Finance and Resources Committee
- Appendix 1 to above report [PDF]
19 March 2009
- ‘Treasury Management Action Plan’ report to Finance and Resources Committee
- Appendix 1 to above report [PDF]
2 March 2009
4 March 2009
Sequence of events:
At the request of the Finance and Resources Committee (F & R) Internal Audit (IA) reported to F & R (in exempt part 2) on 20 November 2008 initial fact - finding re Icelandic Bank investments
Following this Members of F & R commissioned an independent external review of Treasury Management and lessons to be learned. KPMG were appointed to conduct this review
In F & R Committee on 19/2 and 5/3 (in exempt part 2), the findings of the independent review by KPMG re Icelandic Banks investments were presented to Members
On 19/3 at F & R Committee (in exempt part 2), the Treasury Management Action Plan was submitted to Members following consideration of the KPMG review
Members accepted the recommendations of the KPMG report and the Corporate Governance Committee will monitor the implementation of the review's recommendations going forward
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