Slough Observer | News | Council cash in troubled bank

Wednesday, 7th January, 2009

Published: Thursday, 9th October, 2008 14:40

Council cash in troubled bank

Comments (4)

Print Article

SLOUGH Borough Council has invested £2.5million in Heritable Bank which is a part of the troubled Icelandic bank Landsbanki.

The sum represents two percent of the council’s total investments which are spread across a number of banks.

The investment was made in March 2007 for three years when Heritable Bank was ‘A’ listed which means it was on the Government approved list.

The council does not yet know if it will be able to recover the sum.

naz

(Unregistered User)

Oct 9 08 16:30

Our Ref: 762

Use the ref number if you need to report this comment

I am more interested by the fact if the figures in this report are correct the council is sitting on cash in bank account investments totalling £125 million.

Why isn't this money being spent on services or used to lower our council tax bills?! Why are we constantly being asked to pay more when that money is there?

Report this comment

Katherine

(Unregistered User)

Oct 10 08 07:00

Our Ref: 772

Use the ref number if you need to report this comment

Why is it councils are not made to put their money into the Bank Of England, thus lowering our countries debts and making money for us all. Surely we shouldn't all be put at risk of cuts due to fat cats.

Its about time that we started to think about our own country and not other as we also have starving, homeless people

Report this comment

BFR

(Unregistered User)

Oct 10 08 11:42

Our Ref: 776

Use the ref number if you need to report this comment

Naz, didn't you know most of your council tax goes to pep up local government pension???!!!

Report this comment

Riaz

(Unregistered User)

Oct 12 08 00:18

Our Ref: 833

Use the ref number if you need to report this comment

125 million Grrr That makes me sick i have a leaking window which is the council's responsibility to fix and they are sitting on 125m.

Report this comment

Comments

Post a comment

Your Name: * Note this is a Required Field *

Your Email: * Note this is a Required Field *

Your Comment:

Characters Left:

Word verification:

For your convenience, you can now register with our website (which will save you from having to retype your name each time you post a comment). If you would like to do this (or have already!) then please Log in or Register

Social Bookmarking What are these?

Del.icio.us

Digg

Facebook

Stumbleupon

More from Observer

Car flips over on ice

EMERGENCY services were called to the scene of a car accident on the Windsor Relief Road (A332) last night. (January 6)

Police renew appeal for witnesses to robbery

DETECTIVES have drawn a blank in their investigation into an armed robbery at the home of a wealthy Slough businessman. A renewed appeal for witnesses has been made after masked men broke into the home of Richard Atherton in Cookham on October 21, last year.

Warning to residents walking on thin ice

A SAFETY warning has been sent out to Slough residents following the Arctic blast which has gripped the town.

M25 collision causes traffic delays

A COLLISION involving four vehicles on the M25 is causing major delays for motorists.

Council workshops for jobless

THE COUNCIl will throw a lifeline to recession-hit residents this week when officers join business leaders to host an employment workshop. The annual job opportunities exhibition will give job-hunters advice on writing CVs and interview technique as well as tips on how to search for a job.

Schools closed on Tuesday

PUPILS at three Slough schools will get an extra day of holiday after teachers announced temporary closures. Priory School in Orchard Avenue will reopen on Wednesday following a power cut, while a problem with heating at Arbour Vale School in Farnham Road means it will also remain closed for an extra day.

Small fire at train station

FIREFIGHTERS were called to Slough train station this morning (Monday) to tackle a small fire.

Slough store contributes towards raising £2m for charity

CUSTOMERS and staff members at Somerfield in Cippenham helped raise a total of £2million nationwide to improve the lives of people living with cancer.

Jobs

Services

Property

Notices