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| £120m scheme 'funded by Iceland' | £120m scheme 'funded by Iceland' |
| (19 minutes later) | |
| A £120m project to build or refurbish 10 Aberdeen schools is being funded by money from a collapsed Icelandic bank, it has emerged. | A £120m project to build or refurbish 10 Aberdeen schools is being funded by money from a collapsed Icelandic bank, it has emerged. |
| The Icelandic government seized control of Landsbanki earlier this week. | The Icelandic government seized control of Landsbanki earlier this week. |
| Five other Scottish councils have confirmed they have money on deposit with banks in Iceland. | Five other Scottish councils have confirmed they have money on deposit with banks in Iceland. |
| The Scottish Government has called on the Treasury to bail out local authorities affected by the collapse of Iceland's financial system. | |
| Finance Secretary John Swinney has written to Chancellor Alistair Darling asking for reassurance that council deposits would be safeguarded by the UK Government. | |
| A Scottish Government spokesman said that while local authority funding was devolved to the Scottish Parliament, financial regulation was a reserved matter and therefore it was up to the chancellor to act. | |
| It has emerged that Aberdeen City Council signed a public private partnership agreement with a consortium in February. | |
| The Landsbanki situation is an unfortunate example of how the current global banking crisis can affect us all Councillor Kevin StewartSouth Lanarkshire council | The Landsbanki situation is an unfortunate example of how the current global banking crisis can affect us all Councillor Kevin StewartSouth Lanarkshire council |
| The deal involved the consortium designing, building, financing and operating the schools over 30 years. | |
| Under the project, two new secondaries and seven new primaries will be built, with another primary being refurbished. | Under the project, two new secondaries and seven new primaries will be built, with another primary being refurbished. |
| South Lanarkshire has £7.5m with Landsbanki and its UK subsidiary Heritable. | South Lanarkshire has £7.5m with Landsbanki and its UK subsidiary Heritable. |
| A spokesman for the council said it had asked the Treasury for an assurance over the safety of its deposits. | A spokesman for the council said it had asked the Treasury for an assurance over the safety of its deposits. |
| He added: "The council makes it clear that the situation will have no effect on the delivery of its day-to-day services or on the council tax." | He added: "The council makes it clear that the situation will have no effect on the delivery of its day-to-day services or on the council tax." |
| Councillor Kevin Stewart, the city council's resources management convener, said: "The Landsbanki situation is an unfortunate example of how the current global banking crisis can affect us all. | Councillor Kevin Stewart, the city council's resources management convener, said: "The Landsbanki situation is an unfortunate example of how the current global banking crisis can affect us all. |
| "We see in the news what governments around the world are doing to bring stability back to the financial sector - but at a local level the council is doing everything it can to minimise the impact." | "We see in the news what governments around the world are doing to bring stability back to the financial sector - but at a local level the council is doing everything it can to minimise the impact." |
| South Ayrshire Council has invested £5m in Landsbanki which the authority said was due due to be returned in stages over the next two months. | South Ayrshire Council has invested £5m in Landsbanki which the authority said was due due to be returned in stages over the next two months. |
| Potential exposure | Potential exposure |
| Its chief executive, David Anderson, said: "We will continue to monitor the position and will continue to seek advice from our treasury advisers." | Its chief executive, David Anderson, said: "We will continue to monitor the position and will continue to seek advice from our treasury advisers." |
| North Ayrshire Council revealed a £15m investment in two Icelandic banks - £5m in Landsbanki, and £10m in Glitner. | North Ayrshire Council revealed a £15m investment in two Icelandic banks - £5m in Landsbanki, and £10m in Glitner. |
| A spokesman said it was looking for support from national government. | A spokesman said it was looking for support from national government. |
| East Ayrshire Council has identified a potential exposure of between £3m-£5m, while Moray Council had £2m in Landsbanki and Perth and Kinross had £1m with the Glitnir Bank. | East Ayrshire Council has identified a potential exposure of between £3m-£5m, while Moray Council had £2m in Landsbanki and Perth and Kinross had £1m with the Glitnir Bank. |
| The local government umbrella body, Cosla, said the sums involved were considerably less than those deposited by English councils - which has now risen to more than £600m. | The local government umbrella body, Cosla, said the sums involved were considerably less than those deposited by English councils - which has now risen to more than £600m. |
| A spokesman said it was monitoring the situation. | A spokesman said it was monitoring the situation. |