UK councils have 'hundreds of millions of pounds' in Icelandic banks

Looks like the government's not the best pleased at what's happened and is taking steps to start (re)possessing the Icelandic banks' property!

link

Now, who wants to buy a teller's window?
 
AtreuS said:
Exactly. They have a duty to maximise the value of your tax money, and the lcelandic banks were rated as tripple AAA investments and safe as houses ( untill about a month ago>? ). Most of the investments it seems were 3 or 6 month term ones so once the poop hit the fan they couldnt get the money anyway.

If the councils were sat on money earning little or no interest they would be accused of not maximising the value for the tax payer. They cant win either way.
Click to expand...

I believe they plummeted ages ago. I remember reading a bloomberg article months ago. Also read link

http://forums.overclockers.co.uk/showpost.php?p=12651504&postcount=111
 
Love it :). it's aaaalll going ****-up :D.

I feel sorry for the individuals who have lost personal savings. And I'm sure I'll be spitting mad when my council tax goes up etc. but for now i feel quite good about it. City-Bank heads are rolling, voters are really thinking. Things have not worked!.
 
I just feel sorry for people like my parents, working class and coming up to retirement. :(

Personal pensions decreasing in value daily.
State pensions bound to be affected.
Savings being wiped out left right and centre.
Even the value of their house is falling so downsizing and living on the excess is less viable.

Now my dad's going to have to work even longer and being a carpenter in your late 60's early 70's isn't easy. :(
 
This is British money and should be in British businesses and banks.

Thankfully my CC wasn't involved however I'm still expecting a massive rise in tax. Even though my bins are collected less...
 
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