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Councils lose cash in bank crash |
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9th October 2008 Councils across the County have lost £millions as a result of the crash in Icelandic banks. Whether the cash will be recovered is not yet clear. How is each Council affected? | Council | Funds invested in troubled banks |
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| Cherwell District Council | £6.5 million | | Oxfordshire County Council | £5 million | | Oxford City Council | £4.5 million | | South Oxfordshire District Council | £2.5 million | | Vale of White Horse District Council | £1 million | | West Oxfordshire District Council | £9 million |
Cllr Craig Simmons, who is vice-chair of the City Council's Finance Committee, says: "This highlights the problem with Council's investing on the open market - as advised by Government. Things are rosy when the economy is stable but when recession hits public money is at risk. The Greens believe that the answer is to regulate Councils so that they can only invest in National savings and investment schemes such as Government bonds. The overall effect would be to stabilise the economy whilst guaranteeing the safety of public money."
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