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.
Like this entry? Share it with others:
| 
| 
| 
| 
| 
#1 by Guthrum on October 11th, 2008 - 4:36 pm
Well Done that man.
Serious questions are being asked of my local Authority who blew £3M in Landsbanki
#2 by Alan on October 12th, 2008 - 10:23 pm
Alas, my new Borough did have money in Landisbanki – £4m to be precise, representing 20% of the yearly budget. And I am seeing if I can (at least help to) claim the scalp of the Lib Dem that was in charge of the fiasco!