Icelandic banks: LGA says more councils report depositing money

More councils have reported that they have deposited money in Icelandic banks and their UK licensed subsidiaries, according to the Local Government Association.

The LGA said 123 authorities had a total of £919.6 million in the banks including Kent Council with the highest deposit of £50m followed by Nottingham with £41.6m.

The LGA said it was aware of 19 other public bodies that also had investments.

The Association and the government have set up a rapid response unit to help councils in severe difficulty.

More information

List of affected councils

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