Council millions in Iceland banks

Councils across Norfolk have confirmed they have millions of pounds invested in collapsed banks in Iceland.

The county council has 32.5m invested, while Breckland has placed 12m with three banks there. Both said council services would not be affected.

Great Yarmouth has 2m in Heritable, invested in July this year. West Norfolk, Broadland and North Norfolk said they had no Icelandic investments.

Norwich City Council also said it had no investments in Icelandic banks.

South Norfolk said its remaining 2m investment in Iceland was returned last week.

Prime Minister Gordon Brown said he was considering "further action", but the government was not offering to guarantee authorities' deposits with Icelandic banks.

SEE ALSO
In full: Council deposits at risk
09 Oct 08 |  UK Politics

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