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SBC Iceland investments
Statement from Scottish Borders Council Depute Leader (Finance), Neil Calvert, and Director of Corporate Resources, John Campbell:
“SBC is one of a number of local authorities that have deposits in Icelandic banks. SBC does not have a liquidity problem and there will be no adverse impact on Council services.
Until very recently, the advice from the independent financial rating bodies was that these banks were a safe investment option. SBC has operated within all the rules relating to the deposit of Council funds. At the time of the deposits, the two banks were both authorised by the FSA to take deposits in the UK, and both had high credit ratings.
The money, a total of £10 million out of a Scottish Borders Council budget of £300 million, is deposited in two banks – Landsbanki (£5 million) and the Heritable Bank (£5 million). Across the country, many local authorities have deposits with these banks.
Council Leader, Councillor David Parker, is urging COSLA to join the Local Government Association in its discussion with Central Government to seek a solution in protecting the local government family with regard to these investments.”
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