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Scarborough Borough Council unaffected by Icelandic bank crisis
Council’s Finance and Asset Management Service has confirmed that
the council is unaffected by the current financial crisis in
Iceland’s banking industry.
Martin Pedley, the council’s
Asset and Risk Manager said:
headlines that some local authorities in England and Wales have
deposits in the Icelandic bank, Landsbanki, we would like to
reassure our customers that we are not one of the councils that
has, and are therefore unaffected by this current crisis.
“While we cannot guarantee
that we will not be affected in the future by financial problems
that may arise with other banks, we do not expect these to be
significant as our deposits are purposefully spread across a wide
range of banks and financial institutions to minimise risk.”