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Government and LGA reassure Icelandic depositors

The Government and Local Government Association have issued a joint statement reassuring the 13 councils that have invested in Icelandic banks.

A statement released today says the Government and the LGA will continue to work with the administrators and the Icelandic authorities to get “the best and most rapid resolution of the situation relating to Icelandic banks and the £858m that the LGA’s survey has highlighted”.

While over 116 councils have invested a total of £858m in Icelandic banks, the statement reveals 13 Councils have said that they may face short-term difficulties but have no reason to think that wages will not be paid or that services could be at risk at these authorities.

Financial experts will be working with three of these councils from today and will report interim findings shortly. In another 10 councils, specialists are establishing contact, fact finding and offering support and will report back to the Government and the LGA.

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