Slough Observer | News | Police admit Icelandic investment

Wednesday, 7th January, 2009

Published: Friday, 10th October, 2008 16:25

Police admit Icelandic investment

By Chris Lawrence

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THAMES Valley Police have confirmed they deposited millions of pounds in the collapsed Icelandic bank, Landsbanki.

The force is one of at least 15 police authorities and 80 councils - including Slough Borough Council and Bucks County Council - to have invested in the Icelandic banking system, which collapsed spectacularly this week.

Police admitted they did not know if the £5 million investment, which was due for returned with interest in May 2009, would impact on community services.

A spokesman said: “In the immediate short term we do not expect any impact on front line policing and discussions between the Association of Police Authorities, the Local Government Association and Central Government are continuing to seek a solution to protect public sector services in the long term.”

He added: “A full report on the matter will be given to the Police Authority in their next meeting on October 24.”

Treasury officials flew out to Iceland today to see if they could regain the money and threatened to invoke terror laws to freeze Icelandic assets if it was not returned.