Council has £23m with Icelandic Bank
Published Date:
09 October 2008
Northumberland County Council has £23m invested with Icelandic banks.
All of the investments were taken out in line with the Council's Treasury Management Policy Statement and took the prevailing positive credit ratings into account.
Councillor Andrew Tebbutt, executive member for corporate services said: "We have made detailed information available to the Local Government organisation to assist them in their current liaison with national government to determine what steps can be taken to protect this level of investment. The current global financial uncertainties have brought major changes to previously very solid financial institutions. Obviously it is too early to determine the extent to which the Council is at risk but the situation is being closely monitored, we are liaising with other public bodies as to the potential impact and we will keep people advised as more information becomes available."
The full article contains 144 words and appears in n/a newspaper.
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Last Updated:
09 October 2008 2:39 PM
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Source:
n/a
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Location:
Alnwick, Northumberland
