Icelandic banks - statement by the Leader of the Council
Friday 10 October 2008
Statement by the Leader of the Council
Cllr George Meehan, leader of Haringey Council, said:
“Like a number of other councils, we do have investments with Icelandic banks, totalling approximately £37 million, which are currently exposed to risk.
“We have sufficient resources to manage these exceptional circumstances. Frontline council services will not be affected because we have sound and prudent financial management in place to protect against such risks.
“I have already had discussions with ministers, local MPs, the LGA and other councillors. Given the sums of public money involved I expect government to protect these investments. Together we will be working to safeguard our assets and ensure our investments are properly protected.
“We follow tight government guidelines and have a good track record for financial management, confirmed by our regular independent auditors’ reports. This issue is the result of the problems in the world economy.”
Read the minutes of the Full Council meeting on Monday 13 October 2008
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