Published: Thursday, 9th October, 2008 2:40pm
Council cash in troubled bank
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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.
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