Ealing Council position re failed Icelandic Banks
Residents, local businesses, councillors and employees will no doubt have read the press about 'town hall's cash at risk' from the extraordinary events in the financial markets.
Ealing Council would like to reassure all residents that there will be no adverse impact on council services.
Ealing Council has no investments in the failed Icelandic banks Landesbanki and Heritable, both of which are in the news.
The council has followed best practice to spread its investments as widely as possible to ensure the maximum return for our investments without compromising the safety of the council's cash.
The council has no investments in the Icelandic bank Kaupthing but does have £2m invested in the Icelantic bank Glitnir where the Icelandic Financial Services Authority has taken over control of the bank.
The council, like most public organisations, invests in a wide range of banks within strict guidelines. Risk management plays the fundamental role in our investment activities, and due to the value of transactions involved safety and risk awareness always remains the priority over returns. The council takes regular advice from our independent investment advisers to minimise risk.
The council will be supporting other London boroughs in their attempts to get their investments protected by the Government.