Harringay, Haringey - So Good they Spelt it Twice!
Icelandic bank protest planned
From the Haringey Independent:
Protesters angry at the potential loss of millions of pounds of taxpayers' money in Iceland will make their voices heard on Monday.
Haringey Council announced its £37 million investment in three Icelandic banks had been frozen earlier this month after the country's institutions collapsed.
Now lobby group People Not Profit and Haringey Trade Union Council are demanding an inquiry into the impact of the loss on council jobs and services.
The protesters will lobby Haringey Council's overview and scrutiny committee meeting on Monday evening.
The protest will begin at 6.30pm on Monday outside the civic centre on Wood Green High Road.
More here
Protesters angry at the potential loss of millions of pounds of taxpayers' money in Iceland will make their voices heard on Monday.
Haringey Council announced its £37 million investment in three Icelandic banks had been frozen earlier this month after the country's institutions collapsed.
Now lobby group People Not Profit and Haringey Trade Union Council are demanding an inquiry into the impact of the loss on council jobs and services.
The protesters will lobby Haringey Council's overview and scrutiny committee meeting on Monday evening.
The protest will begin at 6.30pm on Monday outside the civic centre on Wood Green High Road.
More here
Tags for Forum Posts: Icelandic banks crisis, protest, taxpayers' money
Replies to This Discussion
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Permalink Reply by Clive Carter on
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Councils 'ignored Iceland risks'
BBC news item about an Audit Commission report about the taxpayer cash frozen in the Ice banks.
Seven English councils have been accused of "negligence" for putting money into Icelandic banks days before they went bust last October. The authorities paid nearly £33m into the banks just before they collapsed despite warnings about their solvency. Spending watchdog The Audit Commission, which itself deposited £10m in the banks, said lessons had to be learnt.
Responsibility for Haringey's contribution of £37 million to this fiasco, has been taken by the Cabinet Member for Resources at Haringey Council, or in layman's language, the head of finance, in a remarkable display of accountability. Not!
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HARINGEY made a £5m investment in Iceland in October – after the nation's first bank, Glitnir, went bankrupt and the week before the rest of the Icelandic banks crashed. Bad luck or negligence?
Not much consolation to taxpayers that Haringey might not to be amongst the seven most negligent in the land.
Just another unlucky investor? How much luck has Haringey had recently?
Unluckily, Firoka are now suing the council over the botched sale of Alexandra Palace. Key player in this was the current Cabinet Member for Resources. The Licence to Firoka was pretty unlucky - cost us another three million pounds. I guess some people are just unlucky.
How much longer will Adje remain in office?
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