European Commission to probe McCreevy appointment

The European Commission is investigating the appointment of former Commissioner Charlie McCreevy to NBNK Investments, which is buying up distressed banking assets.

It is examining whether Mr MrCreevy's involvement poses a conflict of interest and whether the appointment falls within the Commission's Code of Conduct.

Last week, the European Parliament's Budget Committee voted to freeze the salaries and allowances of European Commissioners unless urgent changes are made to the Code of Conduct.