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Nottingham City Council has 42m in Icelandic banks

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Nottingham City Council has 42m in Icelandic banks

Old 9th Oct 2008, 15:32
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Nottingham City Council has 42m in Icelandic banks

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

Councils fear for Icelandic cash

I am at a loss for words!
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Old 9th Oct 2008, 15:38
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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.
Somebody or rather a lot of somebodies should finish up behind bars for what has been going on in this country.
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Old 9th Oct 2008, 15:46
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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...
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Old 9th Oct 2008, 15:47
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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.
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Old 9th Oct 2008, 16:59
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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
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Old 9th Oct 2008, 17:03
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BBC just reported that the estimated amount local councils have on deposit is 1 billion euros.
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Old 9th Oct 2008, 17:05
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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'
Wales:- BBC NEWS | Wales | Councils hit by Icelandic banks
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Old 9th Oct 2008, 17:25
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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.
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Old 9th Oct 2008, 18:22
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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,
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