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[theolodian]

I could not believe it this morning on the radio.  A local council lost 8 million in the Icelandic bank fiasco, almost their entire annual budget.  What's worse, is one of the councillors was on the radio saying how this was good financial management!    He said that they built up this fund for unforeseen problems, like this bank problem.  

So their good financial management was to build the fund up just to lose the whole thing?!?  :-?

And how the H E double L did they build up almost an entire year's budget in reserve funds in the first place?  They're flipping ripping us off for sure!  

[SheWhoMustNotBeOUTBID]

Yes it has been pointed out with so many councils refusing to fund say.., old folk meals for free blah blah.., how they could afford to have up to £36 million of funds on deposit in Icelandic banks.  I mean with most of us ordinary mortals, we cut back because money is short and that usually means u lost the ability to save some time ago lol.

[Vamps]

I agree and it is the same with charities, I understand that a charity had 8 million pounds in a bank account, no charity should have that much money in the bank, why? they should be spending their money   I accept that some organisations need an emergency fund, those that provide residential provision, but a charity that gives grants does not need large ammounts in the bank, and they are still collecting.

[Lizzie_Zoom]

£8 million? :-/ :-/

That is nothing compared to our Kent County Council; they have £50 million invested in Icelandic banks, with Kent Police Authority having a further £11.1 million invested in that direction!!

http://news.bbc.co.uk/1/hi/england/kent/7664264.stm

[Kevin Wood]

Surely we pay these public bodies to do the straightforward work of running the local services. If I want my money put into risky investments I can do it myself, thank you very much! Why are they building up such huge reserves anyway, whilst telling us that they have to keep putting up council tax due to government capping?

Kevin

[Vamps]

£8 million? :-/ :-/

That is nothing compared to our Kent County Council; they have £50 million invested in Icelandic banks, with Kent Police Authority having a further £11.1 million invested in that direction!!

http://news.bbc.co.uk/1/hi/england/kent/7664264.stm

My point is that this is a charity, should not have lots of money.

[Lizzie_Zoom]

..........oh and one more thing......if you have money in the Chelsea Building Society, they have £50 million tied up in Icelandic banks as well!!

[Mr Skrunts]

What I dont understand they reckon they are all cash strapped but yet invest in the £M's abroad, what's wrong with keeping it in this country?

[Lizzie_Zoom]

What I dont understand they reckon they are all cash strapped but yet invest in the £M's abroad, what's wrong with keeping it in this country?

two words why...........interest rates!! 8-) 8-) 8-)  Greed in other words and now we the public are going to pay for it!