BBC NEWS | Betsan Powys' blog (Free subscription) | 09/10/2008
Well you didn't think council Finance Directors kept the millions they get from the Assembly Government in a bucket under the bed, did you? They didn't. Some - and we know already of five Welsh councils - were attracted by investment opportunities in Icelandic banks, like Landsbanki's promise of "Creative, positive, sustainable" plans to invest their money and better interest rates than they were...
Rural Studies (Free subscription) | 10/10/2008
Little did we think that the current banking crisis would hit home as a result of decisions taken in Iceland. On face value, Ceredigion County Council has through no fault of its own had £5.4M frozen by the Icelandic Government . Now, my Plaid Cymru colleague Chris Franks has touched on the kind of questions that need to be asked, When I was a councillor I met with local authority treasurers, my first...
ffranc sais (Free subscription) | 09/10/2008
according to the Nokov & Pornit (est. 1955) ratings agency. All right, it's a sick joke in view of the news today that at least six Welsh local authorities had some of their balances invested in Icelandic banks which have now gone down. I'm keeping my fingers crossed that Neath Port Talbot, which has yet to report, is not another. In view of the bad press which Icelandic entrepreneurs have received...
Peter Black AM (Free subscription) | 09/10/2008
A few months ago, the sole surviving Plaid Cymru member of Swansea Council wrote in the South Wales Evening Post that Wales could be equal to Iceland in terms of independence and prosperity. I wonder how he feels now. The fact the seven Welsh Councils, have millions of pounds of public money tied up in failed Icelandic banks has caused much comment in the media. It was even raised in the Assembly's...
