Councils had Money In Icesave... doh! Millions!

neverdespairgirl

Kent County Council - £50 million (Bloody hell!) - Conservative

Westminster City Council - £17 m - Conservative

Hertfordshire County Council - £17 m - Conservative

Havering Council - £12.5 m - Conservative

North Lincolnshire Council - £5.5m - Labour

Sutton Council - £5.5 m - Liberal Democrat

Buckinghamshire - £5 m - Conservative

Cornwall County Council £5 m - Liberal Democrat

North East Lincolnshire Council - £2.5 m - No overall control

Generali

Kent is my current council. They're not bad considering.

For people that think this is down to the ineptitude of local councils, what would you have had them do? As recently as May 2007, Landsbanki Islands hf (the parent company of Icesave) was in the Standard and Poors 'Global Challengers' list although very recently they did have their credit rating downgraded.

The credit ratings agencies have been asleep at the wheel. Again.

lynzpower

I used to work at one of these LAs.

Id be saying now this is going to be very diffifcult times for the most vulnerable.

The cuts to services I can see happening will be
*childcare places and training childminders
*drug and alcohol rehabilitation
*home care for the disabled population & older people
*purchase of new housing stock ( isnt that whats meant to get it all moving?)

Guarnateed to be sliced would be private foster carers, It my experience that in times of budgetary constraints, that children end up remaining in abusive households due to the inability of the budget being able to pay out for foster carers. I have first hand experience of having my manager refusing to take steps to put abused children into the care system when times were tighht.

There is nothing amusing about this _pale_

Ian_Griffiths_Halifax

casper_uk wrote: »

no wonder the government has guaranteed all deposits over 50k!

The Councils aren't included as they are 'informed investors'. In other words they should know what they are doing.

Realy

neverdespairgirl wrote: »

Kent County Council - £50 million (Bloody hell!) - Conservative

Westminster City Council - £17 m - Conservative

Hertfordshire County Council - £17 m - Conservative

Havering Council - £12.5 m - Conservative

North Lincolnshire Council - £5.5m - Labour

Sutton Council - £5.5 m - Liberal Democrat

Buckinghamshire - £5 m - Conservative

Cornwall County Council £5 m - Liberal Democrat

North East Lincolnshire Council - £2.5 m - No overall control

Also having read the bail out of icesave customers by the goverment (where is my money darling:mad: )
I am sure it said only personal accounts were covered. oops.

Realy

lynzpower wrote: »

I used to work at one of these LAs.

Id be saying now this is going to be very diffifcult times for the most vulnerable.

The cuts to services I can see happening will be
*childcare places and training childminders
*drug and alcohol rehabilitation
*home care for the disabled population & older people
*purchase of new housing stock ( isnt that whats meant to get it all moving?)

Hi my wife works for Local goverment (as done for 18 years)
*Childcare places and childminder training is not done by LG
*Drug & alchol reabilitation are not provided by you council
*homecare is not provided by the council
* Name me a council which as built or purchased a house in the last 10 years.(I could show you lots that have sold their housing stock though to HA's)

You must have been out of local goverment for years.

If they had budgetory issues back line staff would go first, Admin, accounts, IT support not front line staff.
Not funny but to sensationalise they would pull front line services is a bit wrong the people who will suffer would be the people in expendable jobs not frontline, as frontline is target/goverment objective based.

treliac

Realy wrote: »

Hi my wife works for Local goverment (as done for 18 years)
*Childcare places and childminder training is not done by LG
*Drug & alchol reabilitation are not provided by you council
*homecare is not provided by the council
* Name me a council which as built or purchased a house in the last 10 years.(I could show you lots that have sold their housing stock though to HA's)

Not by direct provision maybe - but local authorities, and therefore council tax payers, commission and fund these services. Where else do you think the money would come from?

tomstickland

http://www.thisisgloucestershire.co.uk/latestnews/Councils-lose-millions-Icelandic-bank-crisis/article-386737-detail/article.html?cacheBust=KUXuxyVkMk94#community

MissMoneypenny

Generali wrote: »

Kent is my current council. They're not bad considering.

For people that think this is down to the ineptitude of local councils, what would you have had them do? As recently as May 2007, Landsbanki Islands hf (the parent company of Icesave) was in the Standard and Poors 'Global Challengers' list although very recently they did have their credit rating downgraded.

Shame they didn't read MSE and read Martin's very clear warning on investing in this bank. Martin's warning was the sole reason my son didn't put money in this bank and he was only 21 when he made that decision, although he is one of those people that likes to read all the small print.

The warning has been there on this bank for months, even the press picked up on it. Posters have been screaming about it on the MSE savers board for a while. You didn't have to work in investment banking to know this bank was going under.

Realy

treliac wrote: »

Not by direct provision maybe - but local authorities, and therefore council tax payers, commission and fund these services. Where else do you think the money would come from?

Tax payer yes, not council tax so central goverment.
Childcare is not state run anyway most others stated fell under NHS/PCT so tax payer.
non of those services would be commisioned by a local council.

I admited they will cut services but only at a local goverment level or will increase council tax but non of the reasons above should suffer for the reasons I state.