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Local Authority Investments in Icelandic banks as at 31 December 2008 (Revised)

Published 6 April 2009
Type(s) Statistics
Site Corporate
ISBN 9781409812593
Price Free

Summary

This release relates to the local authority Icelandic bank investments based on a survey of 482 authorities in England as at 31 December 2008. Figures have been updated due to a revised return from Wakefield.

The key points from the latest release are:

  • A total of £929.2 million was invested by English local authorities in Icelandic banks as at 31 December 2008. This amount was invested by 125 local authorities out of a total of 482 authorities.
  • 39 per cent of the investments were with Landsbanki Islands hf, 29 per cent were with Heritable bank Ltd, 20 per cent with Glitnir banki hf and 12 per cent with Kaupthing Singer & Friedlander Ltd.
  • 96 per cent of the investments were internally managed while the remaining 4 per cent were externally managed. There were no externally managed funds invested with Heritable Bank Ltd.
  • Within the total, £24.6 million was invested on behalf of other local authorities. All these investments were made on behalf of fire or police authorities.

These documents replace the previous version published on 5 March 2009.

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