Did city council miss warning signs over £42m Icelandic investment?
By [sfletcher] joseph watts parliamentary correspondent A WAR of words has broken out over who is to blame for putting £42m of Nottingham taxpayers’ money at risk when Icelandic banks collapsed. Nottingham City Council invested in three Icelandic banks last year. It made large deposits in the months before the crisis hit, including investments of £7.5m less than two weeks before the financial institutions went down. The council says it based its decisions on information provided by a firm of external financial advisers, Butlers, and could not have foreseen the disaster. But Chris Anthony, Butlers managing director, told MPs the information passed to councils should have rung alarm bells. Appearing before the Communities and Local Government Select Committee, he said: “We pass the information on to our clients with regards to credit ratings.
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