Councils in limbo over Icelandic funds
Published Date:
14 October 2008
The Bank of England has loaned £100m to a stricken Icelandic bank, but councils which invested hundreds of millions of pounds in the country are still waiting to find out if they will get their money back.
Landsbanki has been loaned the money so it can continue to operate in the short term while efforts are made to get UK creditors' money back, the Treasury said. The loan is secured against Landsbanki assets.
An "accelerated payout" had been agreed in principle for individual savers, Mr Darling told MPs, but at a Press conference he failed to give any assurances over the councils' money. Authorities in Yorkshire have more than £50m in Icelandic banks.
The full article contains 139 words and appears in n/a newspaper.
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Last Updated:
14 October 2008 7:13 AM
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Source:
n/a
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Location:
Yorkshire
