Banks!

[WillowTheWhisp]

Originally Posted by Royboy39

I once had a bank manager (Now extinct) say to me 'If you can prove to me that you don't need the money, I will lend it to you'

That's not as barmy as it may sound. If anyone really desperately needs money then the chances are they might not be able to pay it back and could default on the loan. Banks need to lend but they also need to take fewer risks.

[jambutty]

Originally Posted by Bonnyboy

I see 20 or more of our Councils have cash stashed in Icelandic bank accounts, pity the link doesn’t list them - Councils’ Iceland deposit fears

At the last count it was £860,000,000 spread amongst 100 councils and the police.

So our councils have enough ‘spare’ cash to dump in banks to earn some interest, yet year after year council tax goes up by a few percent over inflation and services get cut.

Ever been taken for a ride?

I wonder if Blackburn is one of those with oodles of ‘spare’ cash in an Icelandic bank, or any other bank for that matter.

This financial crisis is bringing out some facts that I, for one, didn’t know about.

Shouldn’t the councils be using that money to provide the services that we deserve instead of hoarding it to gain a bit of interest? What is that interest spent on? Senior officers salary increases perhaps?

[Bonnyboy]

Originally Posted by jambutty

I wonder if Blackburn is one of those with oodles of ‘spare’ cash in an Icelandic bank, or any other bank for that matter.

There is a list here at the BBC of Councils affected, with some other bodies also.

Cant see Blackburn or Hyndburn on the list, Burnley Council is but no figure stated as yet, just TBC next to them. Guess it stands for To Be Calculated or something.

[MargaretR]

"Lancashire County Council - £10 million"
this will affect us

[Bonnyboy]

Originally Posted by MargaretR

"Lancashire County Council - £10 million"
this will affect us

Suppose we will have to wait and see whether they get the cash returned. If they don’t then it’s bound to have some affect us.

[Benipete]

Originally Posted by jambutty

At the last count it was £860,000,000 spread amongst 100 councils and the police.

So our councils have enough ‘spare’ cash to dump in banks to earn some interest, yet year after year council tax goes up by a few percent over inflation and services get cut.

Ever been taken for a ride?

I wonder if Blackburn is one of those with oodles of ‘spare’ cash in an Icelandic bank, or any other bank for that matter.

This financial crisis is bringing out some facts that I, for one, didn’t know about.

Shouldn’t the councils be using that money to provide the services that we deserve instead of hoarding it to gain a bit of interest? What is that interest spent on? Senior officers salary increases perhaps?

Well there you are,I find myself agreeing with you once again.But It's not just councils and police authorities stashing the cash seems charities are at it as well.
I just wonder what other revelations are about to unfold?

[jaysay]

It seems the government will give some aid to councils in England if they lose money in the icelandic meltdown, however there will be no help for the 8 scotish councils in the same boat, but they are kicking up about it say that the government should also help them as well as thier english counter parts. The Government have said that it is a matter for the scotish parliament to act not westminster, they want their cake and eat, they want home rule, until something goes belly up, then they expect to be bailed out, tough

[Stanleymad]

Originally Posted by MargaretR

"Lancashire County Council - £10 million"
this will affect us

It will ordinarily affect us majorly, if they dont get the money back councils are offering the ultamatum that if they dont have the money back WE the taxpayers will face an increase in council tax or lose services [that technically we have already paid for!]

Madness!

[jambutty]

Originally Posted by Bonnyboy

There is a list here at the BBC of Councils affected, with some other bodies also.

Cant see Blackburn or Hyndburn on the list, Burnley Council is but no figure stated as yet, just TBC next to them. Guess it stands for To Be Calculated or something.

I saw the list on Ceefax after my last post and as you say neither Blackburn or Hyndburn was on it. Burnley was down for a mere £1,000,000.

However the real point is, should councils be hoarding money to speculate with, whilst crying poverty all the time, reducing services and increasing the Council Tax by more than the inflation rate?

It might look nice on paper as the interest comes in but the original capital would do much more than some paltry interest year after year.

I wonder how accurately do the Councils ‘books’ reflect the investment? I’ll bet that it will be disguised somehow, like being lumped together with other figures.

[Neil]

I suppose if they have some stashed cash they have some security if some emergency crops up. Only like people having savings for the same reason. Maybe the money invested is for large projects that needs the budget spreading over a few years.


Lancashire County Council is down £10 million - anyone know what their total yearly budget is so I can put that into perspective?

[jambutty]

Don’t fret yourself Benipete, it won’t last long.

Yes indeed with the RSPCA being the latest revelation. How many others? What about the monarchy? What if Liz has millions in an Icelandic bank? Would we ever be told and more importantly would the government bail her out in secret? Not forgetting the other establishment figures.

This debacle rumbles on and on and Brown is going to bankrupt the UK if he doesn’t start thinking clearly. It may yet come to selling the UK to the highest bidder to get us out of this mess. I just hope that it isn’t a Muslim country that does the buying.

Yes jaysay it does seem as if the chickens have come home to roost in Scotland.

One ‘expert’ on the TV yesterday suggested that every single tax payer in the UK is now indebted to the tune of close on £17,000 and rising daily.

[jambutty]

Originally Posted by Neil

I suppose if they have some stashed cash they have some security if some emergency crops up. Only like people having savings for the same reason. Maybe the money invested is for large projects that needs the budget spreading over a few years.


Lancashire County Council is down £10 million - anyone know what their total yearly budget is so I can put that into perspective?

It is one thing having savings for the future but quite another if your kids are starving or going barefoot today.

Councils have several income streams, with Council Tax and rent from property being the main two. Then there are government grants and the ubiquitous parking fines.

[Benipete]

Don’t fret yourself Benipete, it won’t last long.Quote;

Seems the charities are owed £125 million now I think some of them are going to suffer. Maybe Great Britain should be renamed Gullible Britain.

I don't need to fret at least not for the next few years I saved up when I was young.

[jambutty]

Originally Posted by Benipete

Don’t fret yourself Benipete, it won’t last long.Quote;

Seems the charities are owed £125 million now I think some of them are going to suffer. Maybe Great Britain should be renamed Gullible Britain.

I don't need to fret at least not for the next few years I saved up when I was young.

But that £125 million was donated by the public thinking that it was going to help the charity to run. How many people are now going to think twice before making further donations?

There’s going to be a lot more tears before bedtime before the coming dawn.

[Tealeaf]

I see the LET is reporting that HBC had a few bob (£10million) on deposit with one of the Icelandic banks but have now shifted the money over to the Micks.The story - typical of the LET - is then rather confusing. It says the decision to move the dosh into Ireland was made at the time of the Northern Rock debacle, yet that was a year ago. Irish government guarantees were only made last week, so the only explanation I can think of is that the funds were one year maturity. In which case, the ratepayers of Hyndburn have been very lucky. Maybe we should all go out and feast on an Icelandic banana in celebration.