Council's £7.5m in Iceland banks

At least 80 councils have cash in Icelandic banks

A Staffordshire council has revealed it has £7.5m spread across three of the troubled Icelandic banks.

Tamworth Borough Council had already acknowledged having money in the financial institutions but had refused to say how much.

Ten more West Midlands councils and a police authority also have accounts with the troubled banks.

UK councils and other public bodies have about £1bn invested in Iceland, and savers have also been affected.

WEST MIDLANDS DEPOSITS Wyre Forest: £9m Stoke-on-Trent: £5m Solihull: £3m Rugby: £3m Nuneaton and Bedworth: £3m East Staffordshire: £4m Wychavon: £1.5m Bridgnorth: £1m Tamworth: £7.5m Newcastle-under-Lyme: 2.5m West Midlands Police Authority: £5m

Iceland's three largest banks were nationalised last week but the UK Treasury has said all UK savers' money is protected.

Tamworth Council has said its total investment portfolio is £27m and that there is no current threat to jobs or to its services.

A spokesman said the council had been in discussions with the Local Government Association and the banks' appointed administrators and is awaiting details from the treasury on a package of measures to protect councils' interests.