Councils in the Firing Line Over Investments ; Council Chiefs Continued Depositing Millions of Pounds of Taxpayers' Cash Into Icelandic Banks Even After Advisers Warned They Were in Trouble.

Summary

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Council chiefs continued depositing millions of pounds of taxpayers' cash into Icelandic banks even after advisers warned they were in trouble.

That was the claim, hotly disputed by West councils, made on Friday night by Channel 4 and a London councillor who heeded a warning a year ago that the banks might be in trouble.

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Extract

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Councils in the Firing Line Over Investments ; Council Chiefs Continued Depositing Millions of Pounds of Taxpayers' Cash Into Icelandic Banks Even After Advisers Warned They Were in Trouble.

Almost pounds40 million of taxpayers' cash was invested by councils across the West, more than half from Somerset County Council, after a warning in February last year that the Icelan...

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