Councils put £9m in Iceland banks

Two councils in Essex have £9m between them invested in banks that have collapsed in Iceland.

Braintree District Council has £5m invested in the banks and Colchester Borough Council £4m.

The councils are in contact with the Local Government Association (LGA) who are arguing for government help.

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

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Colchester Borough Council
Braintree District Council
the Local Government Association
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