Council taxes to rise for years in wake of Icelandic bank collapse

[Legal Beagles]

Householders were threatened with crisis council tax hikes and the prospect of cuts in policing and fire cover as the devastating impact of the Icelandic banking collapse was revealed.

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[Legal Beagles]

Council tax to rise for the next 25 years in wake of Icelandic bank collapse

Householders were threatened with crisis council tax hikes and the prospect of cuts in policing and fire cover as the devastating impact of the Icelandic banking collapse was revealed.

More...

[Legal Beagles]

Council taxes to rise for the next 25 years in wake of Icelandic bank collapse... and

Householders were threatened with crisis council tax hikes and the prospect of cuts in policing and fire cover as the devastating impact of the Icelandic banking collapse was revealed.

More...

[Legal Beagles]

Council taxes to rise for the next 25 years after collapse of Icelandic banking syste

Householders were threatened with crisis council tax hikes and the prospect of cuts in policing and fire cover as the devastating impact of the Icelandic banking collapse was revealed.

More...

[Amethyst]

Re: Council taxes to rise for years in wake of Icelandic bank collapse

News

Councils count cost of Icelandic collapse - 10/10/2008

The government has frozen assets in collapsed Icelandic lender Landsbanki as UK public bodies have millions of pounds at risk.

The Treasury said it is urgently trying to establish what Landsbanki’s collapse means for UK wholesale creditors including at least 100 local authorities in England, Wales and Scotland who have over £800m in the bank. Police forces and transport authorities have also invested in Landsbanki.

The government has guaranteed that all retail depositors in the Icelandic banks of Landsbanki (including their Icesave products), Heritable, and Kaupthing Singer and Friedlander (including their Edge products) will receive their money in full. Many of the products have been transferred to ING Direct. At the moment no guarantees have been made for the public cash.

In a joint statement the government and the Local Government Authority said the councils had not been reckless. "Many public authorities have already publicly stated that any risk is not a threat to frontline services but a small number of authorities may have specific problems," said the statement.

The LGA is currently analyzing the situation and help for individual local authorities will then be decided on a case by case basis.

The government’s decision to freeze the assets angered the Icelandic authorities. However, it is believed a delegation of Treasury officials is travelling to the country to try and resolve the problems.

Meanwhile, Glitner Bank’s parent compnay is also in "receivership" in Iceland. The Treasury is trying to establish with the Icelandic Government what this means for creditors.





Source: CREDIT TODAY

[calamity jane]

Re: Council taxes to rise for years in wake of Icelandic bank collapse

Councils/Public Bodies Affected by the Iceland bank failure

http://www.guardian.co.uk/business/2...celand-council
Iceland bank failure: public bodies affected

List of councils and other public bodies that have lost up to £1bn in Iceland's bankrupted financial system

• The Guardian,
• Friday October 10 2008

Council (amount outstanding)
Aylesbury district council £3m
Barnet council £27m
Bassetlaw district council £8m
Braintree district £5m
Breckland council £12m
Brent £15m
Bristol city council £8m
Bromley council £5m
Buckinghamshire £5m
Caerphilly county council £15m
Cambridge city council £9m
Canterbury city council £6m
Ceredigion £5.5m
Cheltenham borough council £11m
Cherwell district council £6.5m
Cheshire county council £8.5m
Colchester borough council £4m
Cornwall county council £5m
Cotswold district council £2m
Daventry district council £8m
Derwentside district council £7m
Doncaster council £3m
Dorset county council £28.1m
Dover district council £1m
East Ayrshire council £3m
East Lindsey district council £4m
East Staffordshire borough council £4m
Exeter city council £5m
Flintshire council £3.7m
Gateshead council £4.5m
Gloucester city council £2m
Gloucestershire county council £12m
Great Yarmouth £2m
Havering council £12.5m
Hertfordshire £28m
Hertsmere borough council £1m
Hillingdon council £20m
Ipswich borough council £5m
Kent county council £50m
Kirklees council £1m
Lancashire county council £10m
Lancaster city council £6m
Lewes district council £1m
Monmouthshire council £1.2m
Moray council £2m
Neath Port Talbot £20m
Newark & Sherwood district council £2m
Norfolk county council £32.5m
North Ayrshire £15m
North-east Lincolnshire council £7m
North Lincolnshire council £ 5.5m
North Somerset £3m
North Wiltshire district council £4m
Northumberland council £23m
Nottingham city council £42m
Oxford city council £4.5m
Oxfordshire county council £5m
Perth and Kinross council £1m
Plymouth city council £13m
Powys council £4m
Redcar & Cleveland £6m
Rhondda Cynon Taff council £3m
Rotherham council £3.8m
Sevenoaks district council £1m
Slough council £2.5m
Solihull council £3m
Somerset county council £25m
South Ayrshire £5m
South Ham district council £1.25m
South Lanarkshire council £7.5m
South Oxfordshire district council £2.5m
Stoke on Trent council £5m
Stroud £3m
Surrey county council £20m
Sutton council £5.5m
Tewkesbury council £1m
Tonbridge & Malling borough council £1m
Vale of White Horse district council £1m
Wakefield £9m
West Lindsey district council £7m
West Oxfordshire district council £9m
West Sussex £12.9m
Westminster council £17m
Wiltshire county council £8m
Winchester £1m
Wokingham borough council £5m
Wycombe district council £2.5m
Wyre Forest district council £9m
Bracknell Forest TBC
Burnley council TBC
Chorley council TBC
North Ayshire TBC
Wychavon district council TBC
Other affected bodies
Transport for London £40m
Dorset police authority £7m
Sussex police authority £6.8m
Hertfordshire police authority £3m
Gwent police authority £1m
Metropolitan police £30m
West Yorkshire £6m
Northumbria £3.5m
· This article was amended on Friday October 10 2008. We incorrectly included Bridgend council in the list above. This has been corrected.

[stevokenevo]

Re: Council taxes to rise for years in wake of Icelandic bank collapse

apologies, ive not read this whole thread through, dont worry you scots, alex salmond is abolishing the council tax, were going to be minted