• From The BBC:

    Local authorities have not been “reckless” in investing more than £760m with Icelandic banks that have now failed, the government has said.
    Deposits from about 100 councils could be at risk, the BBC has learned.
    Ministers have met council leaders and are promising “appropriate” help on a “case-by-case basis”.
    Gordon Brown said he was considering “further action”, but the government is not offering to guarantee authorities’ deposits with Icelandic banks.
    ‘Not pleasant’
    The prime minister told the BBC that the Icelandic authorities’ handling of accounts had been “effectively illegal” and “completely unacceptable”.
    The government has frozen the UK assets of Icelandic bank Landsbanki, saying local authorities will benefit from this.
    But Iceland’s prime minister, Geir Haarde, said it was “not very pleasant” to have laws designed to deal with terrorists used against his country.
    BBC News has so far learned that local authorities across England, Wales and Scotland hold deposits worth…

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    Posted by Jon @ 6:47 pm

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