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Fears over council cash



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Published Date: 09 October 2008
COUNCIL bosses are seeking urgent assurances over £16 million of investments they have lodged in troubled Icelandic banks.
Lancaster City Council has £6 million saved with three Icelandic banks - Landsbanki, Glitnir and Kaupthing - and Lancashire County Council has £10 million with Landsbanki.

With the Icelandic banking system in meltdown as the global economic crisis bites, the country's government has seized control of all three banks, while Landsbanki and Glitnir are both now in receivership.

The Local Government Association has called on the UK Government to guarantee councils' savings in the same way it has guaranteed those of individuals who have cash with Icesave, an online British arm of Landsbanki.

Councils across the country have so far identified more than £550 million of savings in Icelandic banks which could be at risk.

Fears have been raised over possible council tax rises and cuts in local services if the cash is not recovered.


The full article contains 155 words and appears in n/a newspaper.
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  • Last Updated: 09 October 2008 3:11 PM
  • Source: n/a
  • Location: Lancaster
 
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Major Icewater,

10/10/2008 10:44:01
Sack the incompetants!

Channel 4 raised the issue of these banks being risky as far back as March this year.
2

Dave Wall,

10/10/2008 18:08:08
Personally I would prefer financial decisions to be taken on the basis on information provided by reputable credit agencies (all of whom certified the three banks concerned as being solid as recently as September) rather than news reports on a TV station.
If councils based decisions on the basis of what the media says, there'd be no food for sale in the shops (if you read the Express or Mail, virtually everything has been linked to some form of cancer).
And what about those people who invested their money in Northern Rock or Bradford and Bingley? Should they be castigated?
3

Major Icewater,

11/10/2008 19:09:11
Perhaps you would Mr Wall.

If you took the time to watch (or read a transcript) of the in depth investigation, you would not be so flippant.

Those who did take note moved their money out and are not in the same situation as these Councils.

The term "solid" is not how many have interpreted the change in credit ratings up to September.

Do you have a vested interest in supporting those who invested this money?
4

Dave Wall,

13/10/2008 20:49:03
So more than 100 councils across the country, major charities, private individuals, police authorities and hospitals could have seen this coming?
Is this the same Channel 4 which told us in 1999 that the world was going to fall apart due to the millennium bug?
And as for asking if i have a vested interest, why is it whenever someone tries to balance an argument some sort of conspiracy theory is raised to discredit them?
Am I not allowed an opinion without some ulterior motive?
Perhaps you could tell me why you operate under a pseudonym, when I post my real name?
5

Major Icewater,

23/10/2008 14:20:29
Sheffield City Council read the signs correctly and pulled their money out a year ago.

http://www.thestar.co.uk/headlines/Council-moved-12m-after-bank.4620969.jp

Are you aware that the Local Government finance advisors in this nonsense are a subsidiary of Capita?
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