Tuesday, 22 February 2011

Somerset council may lose £12m invested in Iceland banks

Nearly £12m which was invested in Icelandic banks could be written off by Somerset County Council.

The authority had nearly £25m deposited in Iceland's banks when they collapsed in October 2008.

The Icelandic bank investments have been called the "thorn in the side" of Somerset County Council by Conservative councillor David Huxtable, the cabinet member for resources.

My comment: Public Authorities were warned about the possibility of the banks collapsing and therefore, took an unnecessary risk leaving taxpayer's money on deposit in dodgy banks. The question local council taxpayers should be asking their council is, have you sacked the prat or prats who ignored the warning signs and decided to leave our money at risk?

Read the full story from the source  BBC News Somerset

Read all articles about Somerset County Council on this blog

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