A leading Island lawyer says an inquiry into Kaupthing Singer and Friedlander may well exonerate the bank's directors, but raise questions about regulation.
Jonathan Smalley, a partner at Stuart Smalley and Co, is welcoming the news a government inquiry will be set up to look into the bank's collapse.
The Financial Supervision Commission has asked for a report from the provisional liquidator about any matters of concern raised during the liquidation.
But Mr Smalley says so far the worrying factors about the case haven’t involved the bank's management.
He told Manx Radio:
"If you want to enquire into the directors and what they did, do so, though no one who has spoken so far is saying there was a failure within the company.
"The failure was in the wider group, not in the Isle of Man, and the big issue concerns the ?555 million that went back to London.
"The Isle of Man Financial Supervision Commission said in their evidence to the United Kingdom Treasury Select Committee they didn't want to have any exposure to Iceland.
"Whatever they did it ended up having exposure to Iceland [so] how did that happen, why did it happen [and] what lessons do we need to learn?"
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