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Icelandic Banking.

Many local authorities appear to have foolishly put their savings into Icelandic banks for mere few per cent more interest. We don’t care if they are Tory controlled Labour or Lib Dem, we do find it a poor excuse to blame HM Treasury for advice when these same local authorities have their own professional experts who clearly took the wrong decisions. Passing the buck to HM Treasury is a feeble excuse. we understand that Brighton council withdrew their investment from Icelandic banks a year ago following a rethink. It is also of course unacceptable that the Icelandic government is failing to agree to repay money invested.  Meanwhile the local authorities should fire those responsible for recklessly making such investments instead of blaming others.  We are also angry that some of this money was not invested in providing facilities for youth and other useful projects.

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