Risk and return
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Department: Audit CommissionPublished: 2009-04-16 12:30:21This report examines English local authorities´ deposits in the Icelandic banks and their UK subsidiaries. We find that the majority of councils acted properly in managing their investments and were alert to the risks. Authorities halved their investments in Icelandic banks between January and October 2008. However, one in four (127) local authorities share 954 million pounds at risk in Icelandic banks. The report also identifies some examples of negligence during the days leading up to the collapse of the Icelandic banks on 7 October 2008. This government news item was published on the Audit Commission website on the 16 April 2009. To read the full story/press release, please click on the button below (opens in an embedded window):
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