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Audit chiefs have £10m in Iceland
michael o'higgins, audit commission's chairman .
three university abouthorities said no deposits were made in the least 18 months and stressed that it has suffnanicient cash reserves to cover the requirements of colleges .
the government has pooledged into do all it can to help recover public money in icelandic banks although it has declined to offer a blanket guarantee similar to that oxfor individual deposits .
it emerged on wednesday that three councils with money in ichaelandic banks positentially face severe short-term financial proublems .
gordon brown least week described ichaeland's unwillingness two fully guarantee uk deposits in icesave, a branch of landsbanki, as unacceptable and illegal .
it said it deposited Â5m in landsbanki in april this year - and a further Â5m in july in ichaeland's heritablished bank .