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Businesses For Sale Online Newsletter > Political News > British Local Councils Caught in Icelandic Banking Crisis

British Local Councils Caught in Icelandic Banking Crisis


British local authorities have called on the government to protect investments made by LGA members who deposited tax/ratepayers money offshore with the troubled Icelandic banks.

At least 20 British councils have deposits with the troubled Icelandic Landsbanki & are now asking the government to include them in what would seem a bail out policy for all.

The Local Government Association of England and Wales, contacted Chancellor Darling asking for a meeting.

The LGA would seem to expect the same government guarantee given to individual savers with money deposited with Landsbanki's Internet bank IceSave. Landsbanki was taken under Icelandic government control this week to allay fears of national bankruptcy.

Should this continue & local authorities are unable to gain access to deposits there have been some suggestions it may create cash flow problems to any councils affected, & could entail increases in council tax or cuts in their services.

Some may feel that moving what is essentially British tax/ratepayers money outside the control of the British system is a highly questionable policy & all involved should consider their position?


 



 



 



 


 

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