What on earth is going on with our County Council??

[Yokel]

http://news.bbc.co.uk/1/hi/england/wiltshire/7661056.stm


Ok, so our rates have been going up enormously and regional hospitals are being closed left right and centre - yet our county council has £8m of SURPLUS money in an Icelandic bank account?

SACK THE LOT OF THEM.  NOW.

[Bazza]

That's exactly why I don't, and never will, trust a politician/politicians at any level.
They are voted in by the general public with their promises that are all pure lies and then when they are in they do as they please.. and obviously that includes stashing 'our' money away!
I don't doubt there are some good ones and I don't wish to tar them all with the same brush but sadly, as is often the case, the bad few bring the good ones down to their level.

[Andy]

Having watched BBC Points West this evening it's not just Wiltshire with money in Icelandic bank(s). Cheltenham has 11m and Dorset, if I recall it rightly, 28m!

[Monica Reyes]

It seems to be an all over 'problem'here in the west ,in Cornwall there are councils who have millions in it too.

[Mike Hawkins]

I thought the below from the Wiltshire County Council may be of interest. You will note the money is NOT surplus, but monies required at a later date.

Id: 2353 - Thursday 9th October 2008 10:11 - Press Release
Statement about Icelandic Bank Situation
Wiltshire County Council 3 months ago invested £8 million with Heritable Bank a UK bank owned by the Icelandic Landsbanki Island Group. The Council invested with Heritable which was a reputable bank with a strong credit rating as part of the Council's policy to optimise investment income while ensuring security by investing in strongly rated banks.

Yesterday it was announced that Heritable Bank had gone into Administration. At this point in time we are waiting for the appointed administrators Ernst & Young to inform us of the process to recover our funds.

Wiltshire is joining with the Local Government Association in backing their call to Central Government that Council Assets are protected in the same way as individuals savings deposits have been.

We are confident this will have no impact on the immediate provision of services to people in Wiltshire.

However, if we are unable to recover some or all of these funds we, like many other Councils, will have to review our longer term plans.

At any one time the County Council like all Local Authorities has money it is holding to use for forthcoming activities. This money is invested until it is needed to ensure we get the best possible income for the people in Wiltshire.

 

[Bob De'Bilda]

At any one time the County Council like all Local Authorities has money it is holding to use for forthcoming activities. This money is invested until it is needed to ensure we get the best possible income for the people in Wiltshire.

 [/i]

But surely not at any risk!

Public money that is put aside for 'forthcoming activities' should be invested in such places that our own government can guarantee.

Not foriegn banks!

[cuthbert-murray]

i think it is a sad situation what we are going through at present, no council has the foresight to know a banking house is going to collapse.

[Ettie]

Perhaps the Uk govt could offer to 'take over' Iceland. As the Icelandic govt is completely sh**e, maybe the people of
Iceland would go for it.  One way to secure our money, failing that point a few weapons their way.  They tried robbery
without violence, perhaps we can show them how it should be done Eastend style. 

[Yokel]

"Holding to use for forthcoming activities"

Yep, sounds like their great fat pension funds will need topping up by Joe Public again.

[Yokel]

Forgive my deep cynicismon this but £8m (and millions more elsewhere) stashed away "for later use" is PATHETIC.  I look round this county and I see stuff like that pavement in melksham remaining dangerous because the council would rather spend the little bucket of cash they have on the safe pavement, I see lack of health services and hospitals being closed down to save money (it is NOT to improve the service), and I see the elderly struggling to come to terms with a benefits system so complicated they'll never make total sense of it (and what is the council doing to help??) - I can go on - £8m ?   JUST WHAT IS IT BEING PUT BACK FOR???

ACTUALLY, THINKING ABOUT IT, DON'T WE HAVE A RIGHT TO KNOW THE ANSWER?

[LONDONER]

Think back a few years we almost went to war with Iceland before over the fishing.

I personal think one answer is for the government is to re-nationalise the utility services gas, electric, water, & transport, to stop them shifting finances out of the country.

KEEP OUT MONEY AS OURS