11 November 2008
Finance chiefs go to Iceland to hunt down cash
Arun Marsh
|
|
Del.icio.us
StumbleUpon
diggFeatured Jobs
-
ASSISTANT DIRECTOR OF RESOURCES (FINANCE)
Doncaster Metropolitan Borough Council
up to £97,000 -
HEAD OF BUSINESS SYSTEMS
Guys and St. thomas' Hospital NHS Foundation Trust
Circa £85k including LW -
HEAD OF STRATEGIC COMMISSIONING AND PARTNERSHIPS
Darlington Borough Council
Up to £66,000 pa -
PRINCIPAL DEMOCRATIC SERVICES OFFICER
Ashfield District Council
£34,549 - £37,206 p.a. -
CHIEF EXECUTIVE
East Sussex Council
£165,735 – £181,098
Finance officers from Kent and Barnet Councils are flying to Iceland today to try and retrieve councils' money.
The four day trip, arranged by the Local Government Association, will see Kent's head of finance, Nick Vickers, and acting director of resources for Barnet, Clive Medlam, talking with administrators of the Glitnir and Landsbanki banks and reporting what they find to all councils with money at risk.
Kent says it wil fight to get back 'every penny' of the £50M it had invested in Iceland. Barnet had £27M invested.
An LGA spokesman said the trip was arranged to get 'as much of the money back as possible'.
Kent cabinet member for finance, Nick Chard, said: 'Mr Vickers is going to talk to the banks on behalf of all local authorities to try to understand what their assets and liabilities are.
'The initiative is being led by the LGA but because we have been so proactive and because we want to get the money back, we offered to attend.
'Mr Vickers will report back to (council leader) Paul Carter and I, and the information he has gained will also be relayed to local authorities throughout the country.'
A report on KCC’s internal control processes and the investment advice they received is expected at the end of the month.
Butlers, the firm which advised Kent on its investments, has said it will be happy to answer councillors’ questions following completion of the report.
The four day trip, arranged by the Local Government Association, will see Kent's head of finance, Nick Vickers, and acting director of resources for Barnet, Clive Medlam, talking with administrators of the Glitnir and Landsbanki banks and reporting what they find to all councils with money at risk.
Kent says it wil fight to get back 'every penny' of the £50M it had invested in Iceland. Barnet had £27M invested.
An LGA spokesman said the trip was arranged to get 'as much of the money back as possible'.
Kent cabinet member for finance, Nick Chard, said: 'Mr Vickers is going to talk to the banks on behalf of all local authorities to try to understand what their assets and liabilities are.
'The initiative is being led by the LGA but because we have been so proactive and because we want to get the money back, we offered to attend.
'Mr Vickers will report back to (council leader) Paul Carter and I, and the information he has gained will also be relayed to local authorities throughout the country.'
A report on KCC’s internal control processes and the investment advice they received is expected at the end of the month.
Butlers, the firm which advised Kent on its investments, has said it will be happy to answer councillors’ questions following completion of the report.
Your comments
There are currently no comments, be the first!
 Back |
 Top of page |
