Harringay, Haringey - So Good they Spelt it Twice!
Iceland returns Haringey Council's frozen £37 m deposit with interest
ICELAND has finally decided to return Haringey Council's frozen £37 m bank deposit in the Icelandic banks, with interest, in a novel financial instrument.
In its wisdom, Haringey had put £19.8m of our cash with with Heritable, £15.2m Landsbanki and £2m with Glitnir.
The Heritable deposit was a little under the £20 m maximum recommended by government guidelines. The intention of the guideline was to limit exposure to the risk of any single bank's collapse. But with Haringey's deposits, the risk wasn't spread at all: they put a further £15.2m with Landisbanki ... which owned Heritable. The letter of the guidelines was met – but the spirit was not.
The news will come as a big relief to our hard-pressed council.
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In its wisdom, Haringey had put £19.8m of our cash with with Heritable, £15.2m Landsbanki and £2m with Glitnir.
The Heritable deposit was a little under the £20 m maximum recommended by government guidelines. The intention of the guideline was to limit exposure to the risk of any single bank's collapse. But with Haringey's deposits, the risk wasn't spread at all: they put a further £15.2m with Landisbanki ... which owned Heritable. The letter of the guidelines was met – but the spirit was not.
The news will come as a big relief to our hard-pressed council.
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Tags for Forum Posts: Finances, Haringey, Iceland, banks, deposit
Replies to This Discussion
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Permalink Reply by Alan Stanton on
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Nice touch Clive. Nothing like gentle humour to make an effective point.
Out knocking on doors, I've had no time to follow the details of this story. Has anyone seen a thoughtful and comprehensive discussion of the likely knock-on effects of the irruption? Apart from quiet skies, and more business for car washes and ferry companies?
For example, I've wondered about small farmers in Third World countries who've switched to luxury crops for Western markets. Or will it help to persuade big companies that their staff don't really need to fly round the world to talk to one another? Will our politicians find the money for a high speed rail link to Scotland?
(Labour councillor & candidate Tottenham Hale ward.)
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Permalink Reply by Clive Carter on
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Well, apropos the quiet skies, according to this graphic, an enormous amount of CO2 emissions have been saved by the flight cancellations across Europe. Regardless, the home page for Information is beautiful contains some delightful charts, graphs and diagrams. (The Council's own map of open space deficiency that I posted recently is in my opinion, also fascinating).
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Permalink Reply by Malcolm on
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Alas the CO2 figure for the volcano was off by a factor of 10, so the saving was quite so spectacular.
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Sacré bleu! C'ash n'est pas cash!
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