Town halls - they went to Iceland

[NoddY]

Hot on the heels of Kerry Katona (who is bankrupt and shops in Iceland), Town Halls up and down the country have invested in Icelandic banks (who are also bankrupt but own bits of Iceland).

http://news.bbc.co.uk/1/hi/uk_news/politics/7659783.stm

Councils' cash with Iceland banks

"The Tories and Lib Dems are urging ministers to "clear up the uncertainty" about hundreds of millions of pounds councils invested in Iceland's banks.

Kent County Council alone has £50m in Iceland-based banks, while Westminster City Council revealed it had deposits totalling £17m.

Sutton Council in south London confirmed it had exposure totalling £5.5m, and Havering Council in east London said it had investments worth £12.5m.

North Lincolnshire Council has £2m invested with Landsbanki and £3.5m in the firm's UK bank, Heritable. North East Lincolnshire Council said it had £2.5m on deposit with Landsbanki.

Hertfordshire County Council has £17m invested, while Buckinghamshire has £5m - the same sum as Cornwall County Council"


They should have invested in property, you only lose 15% a year instead of everything.

[eliquant]

yes saw that, got a patronising news reporter saying 'it will only affect us in the long term'....


What exactly do you mean by the 'long term' ... long as in 'Long D*ng Silver ?'.

Get ready for those Council Tax bills to go up and for the rubbish to be left out due to lack of inflationary compensating pay for refuse collectors, bring on the rats !

[Cyberman]

There were warnings in the press about Iceland months ago. Why on earth did these authorities not move their funds into a UK bank at the very least, and at best into the Rock ??!! It is truly staggering incompetence.

[Stan.goodvibes]

There were warnings in the press about Iceland months ago. Why on earth did these authorities not move their funds into a UK bank at the very least, and at best into the Rock ??!! It is truly staggering incompetence.

Incompetence. Theres something you wouldn't expect from local politicians.

[d000hg]

There were warnings in the press about Iceland months ago. Why on earth did these authorities not move their funds into a UK bank at the very least, and at best into the Rock ??!! It is truly staggering incompetence.

Warnings in the press? Well definitely everyone should move tens of £millions based on that. The idea that a whole country was going to go bankrupt and not honour investments was probably not something that was taken seriously...

[d000hg]

Incompetence. Theres something you wouldn't expect from local politicians.

Not to mention all the CUK members who have money in Icelandic banks and moved it at the last minute (or not at all).

[AlfredJPruffock]

There were warnings in the press about Iceland months ago. Why on earth did these authorities not move their funds into a UK bank at the very least, and at best into the Rock ??!! It is truly staggering incompetence.

Because is was other people's money.

[DimPrawn]

Warnings in the press? Well definitely everyone should move tens of £millions based on that. The idea that a whole country was going to go bankrupt and not honour investments was probably not something that was taken seriously...

We were talking about the serious risks of Icelandic banks back in 2007, and quite often too. It was common knowledge in publications such as Money Week that Iceland itself was going to go bankrupt.

http://forums.contractoruk.com/304012-post8.html

HTH

[swamp]

It's OK the councils have a plan:

http://www.dailymail.co.uk/news/arti...ffic-jams.html

[Bob Dalek]

I am sooooooo glad I walk and Tube-it these days. The fun went out of driving about 15 years ago: I got about 2 years' enjoyable motoring after passing my test (I passed it late on), and then it all seemed to go a bit crap. Don't miss it anymore: so many tw@ts on the road,and I don't mean the usual BMW owning nutters; I mean every f--ker, grannies, kids, the whole lot, driving aggressively - I suspect it's down to clogged roads and stress levels, or just because we are, now, a nation of cnuts.