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Cotswold DC Hopeful On Icelandic Investment
Cotswold District Council is hopeful that money it has invested in the Icelandic bank Glitnir will not be adversely affected by the global banking crisis.
The Council invested £2m of its £31m portfolio in Glitnir in January 2007, with the investment due to mature in January 2009. It has no money in any other Icelandic banks.
Council Leader Cllr Lynden Stowe said: “We understand that Glitnir has not been put into liquidation but is in receivership, which gives it a temporary protection from payments of debts and obligations as they fall due.
“According to Glitnir, work has already begun on the restructuring of its operations and it has stated that operations over the next days will be performed in a manner as close to business as usual, with a view to protecting Glitnir assets in Iceland and abroad.
“We are hopeful that our investment will be repaid when it matures in January.”
Cllr Stowe explained that the Council deposited money in a wide range of banks and other financial institutions within strict guidelines agreed by full Council and only after taking advice from independent economists.
He added: “We practise sound financial management and have not put all our eggs in one basket, so the risk to the tax payer is spread. The rest of Cotswold District Council’s portfolio is divided between a number of British and Irish banks and building societies.
”We are working closely with the Local Government Association (LGA) to seek reassurances from the Government that local authorities’ deposits are safeguarded in the interests of the communities they serve.”
: 10/10/2008 00:04:30
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