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Councillors fly to Iceland to recover lost millions
Rashid Razaq11.11.08
BARNET council officials are flying to Iceland in an attempt to recover £30 million tied up in the country's failed banks.
Finance chiefs from the local authority will accompany a delegation from Kent, which has £50 million under threat, to discuss the prospects of getting back part of the funds.
The councillors will be representing all other British local authorities in their meeting with administrators from Landsbanki and its UK subsidiary Heritable and Glitnir Bank. Kent council, which has the largest amount for any council, hopes that the £18 million locked in the UK-based Heritable will be safeguarded but it is also hoping to gain positive responses from bosses at Landsbanki and Glitnir about their deposits.
Administrators for the two banks are expected to provide details of the size of the banks' liabilities over their remaining assets, helping to indicate how much investors may be able to claw back.
Reader views (7)
No doubt P. Staker has a successful career in international finance, just like all the other city types we keep reading about.
- Austen, London
Barnet is a Tory led Council L Taubler. Just talk about things you know about please and don't show your ignorance by jumping on the bash Labour bandwagon. They are a pretty slick bunch by the way Anon, no woolly cardigans or beards in site. Another silly assumption.
- B Williams, Friern Barnet, UK
No doubt paying for their own flights and hotel bills as they strive to correct their own mistake.
- C Adams, Pont l Abbé France.
Do finance officers from Tory Barnet wear woolly cardigans and sport beards?
And what's wrong with either anyway?
- David Holland, London UK
Ahh so the amateur investment bankers are off to ask the people who said "we can do that" for TAX PAYERS MONEY back THEY LOST!
Any bets going, on how badly they will do?
- P Staker, London
And just how much is this totally pointless junket going to cost the residents of Barnet? More NuLabour waste.
- L.Taubler, London UK
Good luck you wooly cardigan bunch of beardy idiots
- Anon, London
