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Documents commissioned by the Special Prosecutor for the Iceland and perceived by the Sunday Telegraph suggest Glitnir operated under the legal limits of ratios of fit at the end of 2007. A second report for the Office of the Prosecutor contends that Landsbanki also violated the conditions of its banking license at the end of 2007.

At least 12 filed British boards are between ￡ 5 m and 1 m ￡ to Glitnir after this point and advice Colombia British at least 52 put their money in Landsbanki in 2008.

Thousands of people have also put the Landsbanki silver Icesave account after this point. A bailout of the UK Treasury followed for deposits of more than 22 €000 (￡ 18,400).

Both reports are essential Commissioners to the accounts of the Landsbanki and of Glitnir, the Icelandic branch of PricewaterhouseCoopers (PwC), arguing that he should have identified set statements.

Reynir Vignir, Associate Director of PwC in Iceland, said: "we have recently received a copy of a report prepared for the Icelandic Special Prosecutor concerning the banking crisis and examine its contents.

"While we are not able to comment on the content of the report, it would seem we that reporting of the findings in the report, for the moment at least, are not a complete and accurate picture."

"PwC Iceland is very pleased to cooperate with inquiries of the public prosecutor and is convinced of the quality of audits begun Glitnir and Landsbanki."

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