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    Our Treasury credit analysts were asleep at the wheel. Icelandic banks had gradually built up their foreign liabilities up to 10x the country's GNP. An accident waiting to happen, caused by almost total lack of proper bank regulation in Iceland, and greed in our local authority treasuries, goaded on by the fairyland interest rates on offer.

    You would have thought councils would have learned a lesson from BCCI nearly 20 years prior- but obviously not.

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