The matter of the Council’s mortgage loan investment scheme, which has incurred
losses and is likely to continue incurring losses in the future, was raised in
the Auditor General’s Report to Parliament for 2002 – Volume 1.
It is the Committee’s desire to be informed about:
the mortgage loan investment scheme
the extent and likelihood of further losses that may be incurred
initiatives or measures taken to recover losses already incurred and minimise
The inquiry by the Committee is to focus on the findings presented in the audit
The Committee will seek and consider the views of the relevant authorities and
provide recommendations to assist the Council:
recover the losses already incurred
minimise the extent of future losses
develop and implement processes that will minimise the risk of financial losses
of this nature in the future.