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| Version 0 | Version 1 |
|---|---|
| Leaders meet over banks collapse | Leaders meet over banks collapse |
| (about 7 hours later) | |
| Scottish council leaders are due to meet in Edinburgh to discuss the collapse of the banking system in Iceland. | Scottish council leaders are due to meet in Edinburgh to discuss the collapse of the banking system in Iceland. |
| Seven councils have more than £45m invested in Icelandic banks. | Seven councils have more than £45m invested in Icelandic banks. |
| Another council, Aberdeen, has borrowed cash to fund a schools refurbishment and building programme. | Another council, Aberdeen, has borrowed cash to fund a schools refurbishment and building programme. |
| Finance Secretary John Swinney has sought assurances from the chancellor that all Scottish council deposits in Icelandic banks will be protected. | |
| AFFECTED SCOTTISH COUNCILS North Ayrshire: £15m investedScottish Borders: £10m investedSouth Lanarkshire: £7.5m investedEast Ayrshire: "Potential exposure" of between £3m and £5mSouth Ayrshire: £5m of depositsMoray: £2m of depositsPerth and Kinross: £1m of depositsAberdeen City: "Icelandic involvement" in £120m schools project The UK Government has agreed that no council acted recklessly. | |
| Following the collapse of the BCCI bank in 1991, councils were obliged to spread their investments around. In that collapse, the Western Isles Council lost £23m. | Following the collapse of the BCCI bank in 1991, councils were obliged to spread their investments around. In that collapse, the Western Isles Council lost £23m. |
| The Scottish Office bailed the council out and the authority has since repaid all the money. | The Scottish Office bailed the council out and the authority has since repaid all the money. |
| The discussion is now between the Scottish Government which has devolved responsibility for local councils, and Westminster which retains responsibility for financial regulation. | The discussion is now between the Scottish Government which has devolved responsibility for local councils, and Westminster which retains responsibility for financial regulation. |
| Scottish councils will urge the two to ensure they do not get caught in the middle of a row similar to that over council tax benefit where Westminster said it would withdraw payments if Holyrood scrapped the tax. | Scottish councils will urge the two to ensure they do not get caught in the middle of a row similar to that over council tax benefit where Westminster said it would withdraw payments if Holyrood scrapped the tax. |