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OK now you can panic!
The LGA, which represents councils in England and Wales, says it has identified more than 20 councils which are believed to have deposits in the collapsed Icelandic bank Landbanksi or its UK arm Heritable.
They include Kent County Council, which has £50m invested with Iceland-based banks.
The LGA is still trying to work out the total sums involved but believes that, Kent aside, many of the councils had investments in the “single figure millions of pounds” but others had deposits “running into the low tens of millions”.
ICELANDIC INVESTMENTS
Kent County Council, £50m
Westminster City Council, £17m
Hertfordshire County Council, £17m
Havering Council, £12.5m
Buckinghamshire County Council, £5mThe LGA’s deputy chief executive John Ransford disputed the Conservative claims of the amount of money at risk.
But he said that “significant” amounts of public money were at stake which must be protected.
“This is public money and we need to treat this in exactly the same way as individual investments in these banks,” he told the BBC.
Westminster City Council has revealed it had deposits totalling £17m while Sutton and Havering Councils in London have investments worth £5.5m and £12.5m respectively.
North Lincolnshire Council has £2m deposited with Landsbanki and £3.5m in Heritable. North East Lincolnshire Council said it had £2.5m on deposit with Landsbanki.
Hertfordshire County Council has £17m invested, while Buckinghamshire has £5m, as has Cornwall County Council.
Boris Johnson, the Mayor of London, has also revealed that Transport for London had £40m deposited in one of the affected banks.
(£40 Million of our money from driving fines and congestion charging)
“We are looking to see what redress we can find,” he said.
‘Massive shock’
The Conservatives have warned that town halls could face a “massive financial shock” and be forced into council tax hikes or cuts in local services.
“They are not going to find it easy in the short term,” Eric Pickles, the party’s shadow communities secretary, said.
He added: “We need to look at the number of authorities that will be facing a cash-flow problem – some have their payroll on this, for others it’s in terms of long-term investment.”
All a bunch of cheats the lot of them, and it will all be publicised very very soon.
Were they cheats if what they were doing was legal? I hope shorting is banned completely, as should be all other forms of derivative share trading. It should be a simple buy / sell set up. You buy some shares – you own them. You sell them and you don’t own them any more. Simple trades, that’s all it should be. Also investors (apart from market-makers, obviously) should only ne able to make one transaction in any individual company’s shares during a single day.
http://uk.youtube.com/watch?v=nLkGw8AZ7u8
sometimes a song says it better ;)
I’ve a meeting later on today with my accountants.
At the moment there is 75k of company money deposited in Heritable Bank and I’ve a nasty feeling its been lost.
I’m watching the stock market’s with fear and terror. Its look like I’m down about 80k.
Has someone who always took paid advice before investing money, its hard for me to trust these nasty tw@ts again.
Still dont care
@Dibb’s wrote:
OK now you can panic!
The LGA, which represents councils in England and Wales, says it has identified more than 20 councils which are believed to have deposits in the collapsed Icelandic bank Landbanksi or its UK arm Heritable.
They include Kent County Council, which has £50m invested with Iceland-based banks.
The LGA is still trying to work out the total sums involved but believes that, Kent aside, many of the councils had investments in the “single figure millions of pounds” but others had deposits “running into the low tens of millions”.
ICELANDIC INVESTMENTS
Kent County Council, £50m
Westminster City Council, £17m
Hertfordshire County Council, £17m
Havering Council, £12.5m
Buckinghamshire County Council, £5mThe LGA’s deputy chief executive John Ransford disputed the Conservative claims of the amount of money at risk.
But he said that “significant” amounts of public money were at stake which must be protected.
“This is public money and we need to treat this in exactly the same way as individual investments in these banks,” he told the BBC.
Westminster City Council has revealed it had deposits totalling £17m while Sutton and Havering Councils in London have investments worth £5.5m and £12.5m respectively.
North Lincolnshire Council has £2m deposited with Landsbanki and £3.5m in Heritable. North East Lincolnshire Council said it had £2.5m on deposit with Landsbanki.
Hertfordshire County Council has £17m invested, while Buckinghamshire has £5m, as has Cornwall County Council.
Boris Johnson, the Mayor of London, has also revealed that Transport for London had £40m deposited in one of the affected banks.
(£40 Million of our money from driving fines and congestion charging)
“We are looking to see what redress we can find,” he said.
‘Massive shock’
The Conservatives have warned that town halls could face a “massive financial shock” and be forced into council tax hikes or cuts in local services.
“They are not going to find it easy in the short term,” Eric Pickles, the party’s shadow communities secretary, said.
He added: “We need to look at the number of authorities that will be facing a cash-flow problem – some have their payroll on this, for others it’s in terms of long-term investment.”
:shock:
ooooeck
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