The office of Olafur Thor Hauksson, the Icelandic investigator charged with examining the collapse of the three banks a year ago, confirmed that 22 policemen and six foreign accountants took part in the searches yesterday.

“The purpose of the searches was to look for and secure evidence related to the investigation of several charges which have been investigated by the office,” a statement said.

“Nuffin to do with us, guv’nor” you can here the firms saying now.

And the standard comment will be rolled out internationally – “This is an issue for the local firm”.

Both of which lost credibility a long time ago.