View Full Version : Nottingham City Council has 42m in Icelandic banks

9th Oct 2008, 15:32
Well as I often say I do not object to the principal of taxation but what concerns me is what they are doing with our money!

Nottingham City Council has 42m in Icelandic banks (http://www.thisisnottingham.co.uk/news/New-details-councils-Iceland-cash-crisis/article-388844-detail/article.html)

Councils fear for Icelandic cash (http://news.bbc.co.uk/1/hi/uk_politics/7660438.stm)

I am at a loss for words!

tony draper
9th Oct 2008, 15:38
Apparently quite a few others have done the same,including Police Authorities,what else did they do with Council Tax payers cash? draw a few quid and nip down the Casino or Betting shop as well.:confused:
Somebody or rather a lot of somebodies should finish up behind bars for what has been going on in this country.

9th Oct 2008, 15:46
Why would you be at a loss for words? The councils have a legal duty to maximise their returns on cash held, so they were acting in accordance with their obligations. Their financial advisers however...:mad:

9th Oct 2008, 15:47
My son has been expecting an overdue payment from this council. They have just told him on the phone "There is a backlog".

Too damned right there is. :*

9th Oct 2008, 16:59
Apparently, most of this money deposited by local authorities is 'long-term' investment so will not bring immediate problems to those involved. Until recently, these Icelandic institutions were 'highly-rated' and 'recommended' as (relatively) safe and giving good returns.
Here is a list of those affected:-
BBC NEWS | Politics | In full: Councils facing losses (http://news.bbc.co.uk/1/hi/uk_politics/7660741.stm)

9th Oct 2008, 17:03
BBC just reported that the estimated amount local councils have on deposit is 1 billion euros.

9th Oct 2008, 17:05
And HM Government is freezing Icelandic assets in the UK.
Icelandic PM is 'not happy' . . .
Scotland:- BBC NEWS | Scotland | North East/N Isles | 120m scheme 'funded by Iceland' (http://news.bbc.co.uk/1/hi/scotland/north_east/7661206.stm)
Wales:- BBC NEWS | Wales | Councils hit by Icelandic banks (http://news.bbc.co.uk/1/hi/wales/7660300.stm)

9th Oct 2008, 17:25
Gordon Brown has been negotiating with the Icelanders. Commencing in January 2009, all members of the Icelandic government will operate as bin-men working for UK local councils 2 weeks out of 4 until all debts have been satisfactorily repaid. That smells fishy.

9th Oct 2008, 18:22
So HM Government have frozen Icelandic monies deposited in the UK!

Well I suppose at least the anti-terrorist laws have been put to some good at last,