I was reminded last night that I was on the committee that approved the continued use of advisers for our Council investments. Obviously with responsibility the Council must retain some money for use in emergencies and for day-to-day expenses and overnight this money is invested in special markets.

I am advised that our advisers told us “several months ago” it would be an idea not to invest in Icelandic banks. I understand, from the grapevine, that neighbouring Brighton & Hove received similar guidance.

It is for this reason that Adur do not have exposure to Landsbanki or its subsidiaries.


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