The government has put Big 4 accountancy firm Ernst & Young on standby as administrator for the UK assets of collapsed Iceland bank Landsbanki, according to the Times.
Ernst & Young is already administrator for rival bank Kaupthing Singer & Friedlander, and is hoping to estimate by mid-November the amount of money that can be recovered from its UK operations.
The Times reports that Ernst & Young partner Alan Bloom was asked by the government to step in as administrator for Landsbanki if necessary.
No comment has been made yet by Ernst & Young or the government.
Meanwhile, Oxford University has revealed it has £30 million stuck in Icelandic banks.
The frozen amount, which is far larger than any reported by other universities, was deposited with Landsbanki, Glitnir and Kaupthing Singer and Friedlander.
The organisations with funds most at risk are Transport for London and the Metropolitan police, at £40 million and £30 million respectively.
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