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Search forMystery over Tamworth Council Iceland money
Thursday, October 09, 2008, 16:21
"We want to reassure residents that at present there is no cause for concern as there is no risk to services, wages, salaries and other routine financial commitments," said David Weatherley, chief executive in a statement released earlier today.
"As members of the public may have gathered from the media, we are not the only public body affected by this crisis; it is thought as many as one-in-three of all UK councils may have investments 'at risk' with Icelandic banks.
"Our investments in these institutions comply with Government guidelines and were made on the advice of professional financial advisers.
"We are currently working to establish the extent of the problem and its likely impact on the council's business.
"The Local Government Association is meeting with the Treasury today to negotiate a package of measures to protect councils' interests.
"Once details of any package are known and have been analysed, we will be in a position to advise what action is to be taken to address the problem."
See next week's Tamworth Herald for comprehensive updates.
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