Council 'not affected' by Iceland's banking turmoil
Published Date:
09 October 2008
St Helens Council will not be affected by the collapse of several Icelandic bank, town hall chiefs insists.
Many local authorities have pumped millions of pounds of taxpayers money into the Scandinavian country's banking, lured by their high interest rates and strong credit scores.
However, a council spokeswoman said St Helens had no financial deposits in any of the troubled banks.
One authority alone - Kent County Council - has £50 million deposited in troubled Landsbanki and its UK subsidiary Heritable, as well as Glitnir Bank, while more than 20 others are thought to have exposure running into millions of pounds.
Transport for London said it has a £40m deposit with Kaupthing Singer & Friedlander, which has been placed into administration.
The full article contains 125 words and appears in n/a newspaper.
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Last Updated:
09 October 2008 1:22 PM
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Source:
n/a
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Location:
St Helens
