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Published: Thursday, 9th October, 2008 12:00

Council money invested in troubled bank

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BUCKS County Council has £5m invested with the troubled Icelandic bank Landsbanki.

Chris Williams, Buckinghamshire’s Chief Executive, said the deposit was due to be repaid on Tuesday, just hours after they were taken into receivership.

He said: “The Council has robust procedures in place to manage its investment activity and minimise risk to the ratepayer. At the time the investment with Landsbanki was placed, the bank was ‘A’ rated by our Treasury advisors.

"We understand that the money placed on deposit with Landsbanki is being held by the Icelandic government and will be returned to us in due course.”

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