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| Version 2 | Version 3 |
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| Charities' fear over failed banks | Charities' fear over failed banks |
| (about 1 hour later) | |
| UK charities fear they have lost up to £120m of funds invested in failed Icelandic banks. | UK charities fear they have lost up to £120m of funds invested in failed Icelandic banks. |
| The National Council for Voluntary Organisations (NCVO) says that so far 60 of its 6,500 members have said their funds may be at risk. | The National Council for Voluntary Organisations (NCVO) says that so far 60 of its 6,500 members have said their funds may be at risk. |
| The Cats Protection League said it had £11.2 million deposited in a UK bank owned by the collapsed Kaupthing. | |
| The NCVO is seeking urgent talks with Chancellor Alistair Darling to urge him to protect the charities' money. | The NCVO is seeking urgent talks with Chancellor Alistair Darling to urge him to protect the charities' money. |
| Some VCVO members, who provide services for councils, fear they will not be paid if town halls lose money in the crisis. | |
| Most of the charities which have investments in troubled Icelandic banks have not yet been named, but they are thought to include major organisations. | Most of the charities which have investments in troubled Icelandic banks have not yet been named, but they are thought to include major organisations. |
| The Cats Protection League said its funds were with Kaupthing Singer and Friedlander (KSF) - a UK bank owned by Kaupthing. | |
| The charity said the money was for long-term projects and its "uncertain" position would not have any impact on day-to-day operations, including paying salaries and caring for cats. | The charity said the money was for long-term projects and its "uncertain" position would not have any impact on day-to-day operations, including paying salaries and caring for cats. |
| 'Increasingly worried' | 'Increasingly worried' |
| Others known to be affected include Naomi House children's hospice in Sutton Scotney, near Winchester, which has £5.7 million of deposits invested with KSF. | Others known to be affected include Naomi House children's hospice in Sutton Scotney, near Winchester, which has £5.7 million of deposits invested with KSF. |
| The Physiological Society in London has £523,000 invested with the same bank, and the Samaritans has links to KSF because it is the parent company of Investment Managers, which looks after the charity's investment portfolio. | |
| NCVO chief executive Stuart Etherington said: "We have been speaking to our members and they are increasingly worried about the current financial climate. | NCVO chief executive Stuart Etherington said: "We have been speaking to our members and they are increasingly worried about the current financial climate. |
| "We are seeking a meeting with Alistair Darling to seek assurances that charities' money is protected." | "We are seeking a meeting with Alistair Darling to seek assurances that charities' money is protected." |
| Graham McGeown of the Physiological Society said: "This is a difficult time for our organisation. We have £523k tied up in KSF and are not entirely sure if we will get this money back. | Graham McGeown of the Physiological Society said: "This is a difficult time for our organisation. We have £523k tied up in KSF and are not entirely sure if we will get this money back. |
| "With NCVO we are calling on the government to help protect our money as well as other organisations who may also be involved in the banking crisis." | "With NCVO we are calling on the government to help protect our money as well as other organisations who may also be involved in the banking crisis." |
| For many smaller organisations non-payment for their work could be disastrous or even spell their death knell Louis High NCVO Councils' cash in Iceland banks | For many smaller organisations non-payment for their work could be disastrous or even spell their death knell Louis High NCVO Councils' cash in Iceland banks |
| Under the Financial Services Compensation Scheme, charities classified as small businesses are covered for the first £50,000 of any investments. | Under the Financial Services Compensation Scheme, charities classified as small businesses are covered for the first £50,000 of any investments. |
| But it is not clear whether they would benefit from the wider guarantee given to individual savers by the chancellor that they would recover all of their money. | But it is not clear whether they would benefit from the wider guarantee given to individual savers by the chancellor that they would recover all of their money. |
| The NCVO's head of campaigns and communications, Louis High, said many of its members were also concerned about local authorities' ability to pay for services. | The NCVO's head of campaigns and communications, Louis High, said many of its members were also concerned about local authorities' ability to pay for services. |
| He said: "For many smaller organisations that rely on this money and have tight financial constraints, non-payment for their work could be disastrous or even spell their death knell." | He said: "For many smaller organisations that rely on this money and have tight financial constraints, non-payment for their work could be disastrous or even spell their death knell." |
| The organisation has called a sector-wide summit to examine the potential impact of a recession and what can be done to protect charities from financial disaster. | The organisation has called a sector-wide summit to examine the potential impact of a recession and what can be done to protect charities from financial disaster. |