Herts County Council reveals it has £17 million in insolvent Icelandic bank which has frozen deposit

[IotasCat]

Glad I don't live there

that's FUBAR

wot expat?

wot expat?

fucked up beyond all recognition.

Apparently it's the same in the London borough I live in too. Hurrah!

LOL expat

I will have to remember that one

why do councils have so much money lying around in savings accounts?

Alledgedly there may be up to £1 billion of various council's money in Icelandic banks that has been frozen. I don't think any of us will be immune to this. Expat is right.

oh dear, there go our new school books/teachers/roads etc

And the Govt will be unable to extend any money as they have just promised so much to the banks.

bbc said we could face cuts in services or hike in council tax. we are NOT going to pay anymore! we cannot afford to

Our council tax is huge every month and we live in a freezing 2 bed hovel. Because it is a pretty cottage with a reasonable garden the CC bands us with much bigger houses. I dread to think how much more we'll have to pay next year, especially with heating becoming so expensive.

Kent County Council have 50million deposited in Icelandic banks.

ffs!! I live there guess our council tax will be going up again...

the others are listed on the bbc site

who is the bloody bank of iceland anyway, i though the bank of nova scotia was pretty odd. maybe they should have invested in the bank of the isle of wight

I am already paying £150 per month council tax, we can't afford to pay any more!

Why the hell do they have money invested in an Icelandic bank?

I live in Kent, I think im going to go along and say I cant pay my council tax this month due to having all my money tied up in Icesave
Surely they will be sympathetic

arrrrrrrrrgh

These banks have paid outstanding rates over the past few years (as have banks like ING in the Netherlands) so I guess they have really made quite a sensible investment decision - until it all went tits up that is!

councils were told by Govt to invest money like this - they were encouraged to do so to make the most of money -

just like everybody councils get money from all sources and obv spend it as they go along (like you do with your money, basically you budget) and what is waiting to be spent or is 'reserves' needs to earn interest - you'd complain if it sat around in a current account with no interest! they draw from the saving sas they go along to use for education/libraries/social services etc. trouble is now they're f***d!!!

like the rest of us

Cornwall County council has as well, although only £5 million, I think. We already pay extremely high council tax for shite services.

Expat, I love FUBAR, never heard anyone else but DH use it before

So thats why my council tax is so expensive - cause HCC are stashing all their money in savings accounts.

Oh bloody nora, council tax is already hugely expensive here for crap, crap, crap services.

They could offset the loss by NOT paying six directors more than the blasted prime minister for running departments that are judged as failing by every inspector and every measure you choose...