Council has £3million invested in Icelandic banks
Published Date:
09 October 2008
Thursday, 11am: EAST Lindsey District Council has revealed it has £3 million invested in Icelandic banks – including the troubled Landsbanki.
ELDC said it is 'working with the government to secure that investment.'
The investments – part of a total of £40 million of ELDC deposits - were made on the advice of the government and the Audit Commission.
Around 20 local authorities in the UK are thought to have investments in Icelandic banks.
"They are not considered high risk in any shape or form. It's a factor of the current situation," said a spokesman.
Coun Colin Davie, portfolio holder for finance, has written to the Chancellor, Alistair Darling, expressing concerns.
"What's important we are making very strong, very forthright representations," said the spokesman, who added the council was 'confident' of a positive outcome.
Lincolnshire County Council has no investments in the bank.
The full article contains 148 words and appears in n/a newspaper.
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Last Updated:
09 October 2008 10:50 AM
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Source:
n/a
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Location:
Louth
