Bassetlaw Council has £8 million at risk following investments in Icelandic banks
Published Date:
09 October 2008
BASSETLAW Council has revealed that investments worth £8 million are at risk after Icelandic banks went bust.
It is thought the council is one of at least 20 in the UK that has large sums of money invested in troubled Icelandic banks.
The Local Government Authority has claimed that services are not at risk but the Government Treasury has made no guarantees it will protect the invested money.
The LGA, which represents councils in the UK, said more than 20 councils are thought to be in the same state with cash invested in Icelandic bank Landbanksi, Glitnir, Singer Friedlander or its UK branch Heritable.
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Last Updated:
09 October 2008 2:06 PM
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Location:
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