Council leader defends £1m investment in Icelandic bank
Published Date:
15 October 2008
THE leader of a council which invested money in a collapsed Icelandic bank has denied his authority acted against advice.
Winchester City Council invested £1m in Heritable Bank on September 16, only to see it go into administration last week.
But it says advice from treasury management advisers on the day was that Heritable Bank had a rating giving it the highest credit quality. This rating did not change until two weeks later.
Council leader George Beckett said: 'I am satisfied that the city council's strategy for investing funds, which follows guidance from the department for communities and local government, was followed in making this investment.
The full article contains 114 words and appears in NS-Havant & Waterlooville newspaper.
-
Last Updated:
15 October 2008 9:50 AM
-
Source:
NS-Havant & Waterlooville
-
Location:
Portsmouth
