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Public Services or investment profits ?

I have been hearing from the various forms of National media, who report that the local authorities have no extra money for services for old people, closure of hospital wards, libraries, schools being merged to save money etc etc etc etc etc etc…………………..cuts, cuts, cuts. All the time more cutbacks, because they have no funds or have efficiency saving targets to hit.

So if they have no money and are continually making cut backs, no extra money for essential public services and ALWAYS have to make cuts in their funding for just about everything, how the bloody hell can they put millions of pounds away in foreign banks ?

Just where does all of those portfolios of investments come from ?

Is their priority to provide local public services or to put money away for a rainy day that will never come ?

I thought that there was always a budget deficit and there was no extra money to go around. Now, it seems that almost every local authority has managed to get several or even tens of millions of pounds spare to invest in foreign banks.

I must remember that the next time there is a council meeting to decide how much the council taxes will go up because they have no money in the coffers.

It is not just the local councils but also some Police Authorities seem to have got their hands on some spare cash to stash away, presumably no claims of budgetary savings there then.

God job then, at the CTCC we have a nw mattress at the training wing where we are able to hide away our budget underspend instead of sending it to a Icelandic financial institution. £21.68p at the last count. The Police Authority meetings will have to settle for ginger nuts to have with their coffee for a few weeks.

More than three quarters of a billion pounds of local authority money is at risk after over 85 councils and other public bodies deposited the cash in Icelandic banks.

Here is a list of local authorities so far known to have been involved:

  • Kent – £50 million (£15 million with Glitnir Bank, £17 million with Landsbanki and just over £18 million in its UK subsidiary, Heritable).
  • Transport for London (£40 million deposit with Kaupthing Singer & Friedlander).
  • Haringey (£37 million)
  • The Metropolitan Police Authority (£30 million. Its total budget is £3.5 billion).
  • Dorset County Council (£28.1 million in temporary loans to Landsbanki and Heritable)
  • Barnet (£27.4 million)
  • Northumberland County Council (£23 million).
  • Hillingdon (£20 million)
  • Westminster (£17 million)
  • Brent (£15 million)
  • Caerphilly County Borough Council (£15 million with Heritable and Landsbanki)
  • West Sussex County Council (£12.9 million).
  • Havering (£12.5 million)
  • Cheltenham Borough Council (£11 million)
  • Wakefield Council (£9 million)
  • Cheshire County Council (£8.5 million invested with Heritable, 4% of the council’s total £200 million investment with national and international financial institutions. The council has a budget of £1 billion)
  • Bassetlaw District Council in North Nottinghamshire (£8 million in Glitner, Heritable, Landsbanki and Singer Friedlander)
  • Bristol City Council (£8 million invested in Landsbanki)
  • Wiltshire County Council (£8 million with Heritable)
  • South Lanarkshire (£7.5 million with Landsbanki and Heritable)
  • Derwentside District Council (£7 million)
  • Dorset Police Authority (£7 million of temporary loans to Landsbanki and Heritable)
  • Redcar and Cleveland (£6 million)
  • Ceredigion County Council (£5.5 million)
  • North Lincolnshire Council (£5.5 million in Landsbanki and Heritable)
  • Sutton (£5.5 million)
  • Bromley (£5 million)
  • South Ayrshire (£5 million)
  • Cornwall County Council (£5 million invested with Landsbanki from total investments of £360 million)
  • Gateshead Council (£4.5 million).
  • Powys County Council (£4 million, about 6% of its cash investments, with two Icelandic banks – Landsbanki and Glitnir)
  • Gwynedd Council (£4 million deposited with Heritable).
  • Rotherham Borough Council (£3.7 million with Landsbanki and Heritable Bank)
  • Flintshire County Council, North Wales (£3.7 million invested with Landsbanki)
  • Rhondda Cynon Taf County Borough Council (£3 million deposited with Heritable).
  • Solihull Metropolitan Borough Council (£3 million)
  • North Somerset Council (£3 million with Landsbanki)
  • Doncaster Council, in South Yorkshire (£3 million)
  • Stroud District Council (£3 million)
  • North East Lincolnshire Council (£2.5 million deposited with Landsbanki out of a total of £90 million of investments)
  • Cotswold District Council (£2 million)
  • Gloucester City Council (£2 million)
  • Moray Council (£2 million deposited with Landsbanki)
  • Monmouthshire County Council (£1.2 million with Heritable)
  • Tewkesbury Borough Council (£1 million)
  • Lewes District Council in East Sussex (£1 million deposited in Landsbanki)
  • Perth and Kinross Council (£1 million with Glitnir bank)
  • Nottingham City Council is also affected but has not yet disclosed the amount.

The BBC said these councils and bodies were also affected:

  • Hertfordshire (£28 million)
  • Somerset County Council (£25 million)
  • Plymouth City Council (£13 million)
  • Breckland Council (£12 million)
  • Gloucestershire County Council (£12 million)
  • Lancashire County Council (£10 million)
  • West Oxfordshire District Council (£9 million)
  • Wyre Forest District Council (£9 million)
  • Daventry District Council (£8 million)
  • Wiltshire County Council (£8 million)
  • South Lanarkshire Council (£7.5 million)
  • West Lindsey District Council (£7 million)
  • Cherwell District Council (£6.5 million)
  • Braintree District (£5 million)
  • Buckinghamshire (£5 million)
  • Exeter City Council (£5 million)
  • Ipswich Borough Council (£5 million)
  • Oxfordshire County Council (£5 million)
  • Wokingham Borough Council (£5 million)
  • Oxford City Council (£4.5 million)
  • Colchester Borough Council (£4 million)
  • East Lindsey District Council (£4 million)
  • East Staffordshire Borough Council (£4 million)
  • South Oxfordshire District Council (£2.5 million)
  • Great Yarmouth (£2 million)
  • Hertsmere Borough Council (£1 million)
  • Kirklees Council (£1 million)
  • Vale of White Horse District Council (£1 million)
  • Winchester (£1 million)
  • Amounts for Bracknell Forest, Burnley Council, Chorley Council, North Ayshire, Surrey County Council and Wychavon District Council are all to be confirmed.
  • Sussex Police Authority (£6.8 million)
  • Hertfordshire Police Authority (£3 million)
  • Gwent Police Authority (£1 million)
  • Rushmoor Borough Council confirmed it had a total of £2 million invested in Glitnir.
  • Winchester City Council said it had £1 million invested in Heritable Bank. Council leader George Beckett said: “The council supports the representations by the Local Government Association to the Chancellor of the Exchequer to protect the interests of council tax payers.”

The following local authorities have confirmed they have no money invested in the affected banks:

  • Brighton and Hove City Council.
  • East Sussex Council.
  • London Borough of Merton.
  • Forest of Dean District Council.

Among the public bodies with about a billion pounds invested in Icelandic banks are police authorities, which stand to lose nearly £100 million.

Here is a list of the police authorities known to be affected and their investments:

  • Dorset £7 million
  • Dyfed-Powys £2 million
  • Gwent £1 million
  • Hertfordshire £3 million
  • Humberside £5.75 million
  • Kent £11.1 million
  • Lancashire £0.67 million
  • Metropolitan £30 million
  • Northumbria £3.5 million
  • South Wales £7 million
  • Surrey £1.5 million
  • Sussex £6.8 million
  • Thames Valley £5 million
  • West Midlands £5.4 million
  • West Yorkshire £6 million
  • Transport for London invested £40m.

British charities meanwhile could lose tens of millions of pounds.

Here is a list of some of the charities affected:

  • Naomi House children’s hospice in Sutton Scotney, near Winchester, has £5.7 million of deposits invested with Kaupthing Singer & Friedlander, which has gone into administration.
  • The Physiological Society in London has £523,000 invested with the same bank.
  • Samaritans have links to KSF because it is the parent company of Investment Managers, which looks after the charity’s investment portfolio.

2 Responses

  1. Oh well, easy come easy go..Makes my ISA account balance drop seem a tad small.

    It does make you wonder about all those cuts though.

  2. […] huge projected savings. They might cover up the hole caused by the slightly dodgy and high risk Icelandic investment portfolio of recent years.  I suspect that this will be kept off the annual performance process interview […]

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