Council has £1million in Icelandic bank - Local

Sponsored by

Council has £1million in Icelandic bank

Published on 09/10/2008 12:56

Lewes District Council is one of the local authorities concerned they may lose millions of pounds held in Iceland banks.

East Sussex County Council and Wealden District Council told the Express they did not have money tied up in the country.

But Lewes District Council has a 1million deposit.

A spokesman said: 'Lewes District Council is one of many councils and public bodies with an investment in the Landsbanki Island UK bank. It has supported the move by the Local Government Association for urgent discussions with the Government.

'The council places deposits taking account of Fitch and Moody credited rated institutions and has a 1m term deposit yet to mature.'

Leader of Lewes District Council, Cllr Ann De Vecchi said: 'I agree with the Local Government Association comment that it does not expect "significant financial problems" in the short term as councils put money in a wide range of institutions and vital frontline services should not be affected, and that is the position at Lewes.

'The current position remains fluid and may well change. The way we use investment interest and structure the council's finances means we can deal with this situation without it affecting council tax levels. We firmly believe the situation is a consequence of the current global market instability and that the Government should assist the many councils affected. At the end of the day bringing stability to the world's financial institutions is essential for everyone and we believe that any support should come from the Government.'

News

Looking for...

Featured advertisers

Jobs

Search for a job

Motors

Search for a car

Make Model Price from Price to

Property

Search for a house

Buy Rent

Bedrooms Price from Price from Price to Price to

What is a Cookie?
What is a Flash Cookie?
Can I opt out of receiving Cookies?
About our Cookies

Cookies are small data files which are sent to your browser (Internet Explorer, Firefox, Chrome etc) from a website you visit. They are stored on your electronic device.
This is a type of cookie which is collected by Adobe Flash media player (it is also called a Local Shared Object) - a piece of software you may already have on your electronic device to help you watch online videos and listen to podcasts.
Yes there are a number of options available, you can set your browser either to reject all cookies, to allow only "trusted" sites to set them, or to only accept them from the site you are currently on.

However, please note - if you block/delete all cookies, some features of our websites, such as remembering your login details, or the site branding for your local newspaper may not function as a result.
The types of cookies we, our ad network and technology partners use are listed below:
- Revenue Science ►
  
  A tool used by some of our advertisers to target adverts to you based on pages you have visited in the past. To opt out of this type of targeting you can visit the 'Your Online Choices' website by clicking here.
- Google Ads ►
  
  Our sites contain advertising from Google; these use cookies to ensure you get adverts relevant to you. You can tailor the type of ads you receive by visiting here or to opt out of this type of targeting you can visit the 'Your Online Choices' website by clicking here.
- Webtrends / Google Analytics ►
  
  This is used to help us identify unique visitors to our websites. This data is anonymous and we cannot use this to uniquely identify individuals and their usage of the sites.
- Dart for Publishers ►
  
  This comes from our ad serving technology and is used to track how many times you have seen a particular ad on our sites, so that you don't just see one advert but an even spread. This information is not used by us for any other type of audience recording or monitoring.
- ComScore ►
  
  ComScore monitor and externally verify our site traffic data for use within the advertising industry. Any data collected is anonymous statistical data and cannot be traced back to an individual.
- Local Targeting ►
  
  Our Classified websites (Photos, Motors, Jobs and Property Today) use cookies to ensure you get the correct local newspaper branding and content when you visit them. These cookies store no personally identifiable information.
- Grapeshot ►
  
  We use Grapeshot as a contextual targeting technology, allowing us to create custom groups of stories outside out of our usual site navigation. Grapeshot stores the categories of story you have been exposed to. Their privacy policy and opt out option can be accessed here.
- Subscriptions Online ►
  
  Our partner for Newspaper subscriptions online stores data from the forms you complete in these to increase the usability of the site and enhance user experience.
- Add This ►
  
  Add This provides the social networking widget found in many of our pages. This widget gives you the tools to bookmark our websites, blog, share, tweet and email our content to a friend.
- 3rd Party Cookies ►
  
  We use Advertising agencies to provide us with some of the advertising on our websites. These include (but are not limited to) Specific Media, The Rubicon Project, AdJug, AdConion, Context Web. Please click on the provider name to visit their opt-out page.

Sponsored by
Council has £1million in Icelandic bank

Top stories

News