Icelandic Banks and Our Money

A question by Cllr Scott Mann at today’s Council meeting asked the Portfolio Holder, Cllr Jim Currie how much did the Cornwall County Council and the former District Council lose in the collapse of the Icelandic Banks.

The simple answer is Cornwall County Council had £5 million and Restormel had £4 million in the banks at the collapse. All may not be lost, as the LGA has taken up the case on behalf of various Local Authorities to seek the repayment of these monies.

If that fails, the Council was told today that money had been put aside in the reserves to cover this loss. Let’s hope the LGA will be able to claw back the money and that money set aside will be put to better use.