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| Version 0 | Version 1 |
|---|---|
| Councils seek Iceland cash pledge | Councils seek Iceland cash pledge |
| (10 minutes later) | |
| Council leaders are to hold talks with the Icelandic ambassador to seek assurances their investments with the country's failed banks will be repaid. | Council leaders are to hold talks with the Icelandic ambassador to seek assurances their investments with the country's failed banks will be repaid. |
| The Local Government Association will demand taxpayers' money should be a top priority when repayments are made. | The Local Government Association will demand taxpayers' money should be a top priority when repayments are made. |
| It comes as talks continue between the Treasury and the Icelandic authorities in Reykjavik over frozen UK deposits held in the collapsed banks. | It comes as talks continue between the Treasury and the Icelandic authorities in Reykjavik over frozen UK deposits held in the collapsed banks. |
| About 100 councils in England, Scotland and Wales have deposits worth £842.5m. | About 100 councils in England, Scotland and Wales have deposits worth £842.5m. |
| The Local Government Association (LGA), which represents councils in England and Wales, said the meeting with the Icelandic ambassador would take place next week. | The Local Government Association (LGA), which represents councils in England and Wales, said the meeting with the Icelandic ambassador would take place next week. |
| It says that if it failed to win the assurances it seeks, it will take its case directly to the Icelandic government. | It says that if it failed to win the assurances it seeks, it will take its case directly to the Icelandic government. |
| The LGA said some 108 local authorities had deposited money in the Icelandic banks but it insisted they had not been "reckless" with taxpayers cash. | The LGA said some 108 local authorities had deposited money in the Icelandic banks but it insisted they had not been "reckless" with taxpayers cash. |
| It has already met with the British government and won a promise that authorities facing severe short-term difficulties would receive assistance. | It has already met with the British government and won a promise that authorities facing severe short-term difficulties would receive assistance. |
| However the government has not extended the same degree of protection to councils that it has been guaranteed to individual UK savers. | However the government has not extended the same degree of protection to councils that it has been guaranteed to individual UK savers. |
| The LGA is expected to hold more talks with the government next week. | The LGA is expected to hold more talks with the government next week. |
| Nationalisation | Nationalisation |
| Iceland has been forced to nationalise its main banks, which fell victim to the global financial crisis. | Iceland has been forced to nationalise its main banks, which fell victim to the global financial crisis. |
| In addition to local councils, other UK public bodies, companies and charities had deposits with the failed banks. | In addition to local councils, other UK public bodies, companies and charities had deposits with the failed banks. |
| All UK private accounts affected by the crisis will be protected. | All UK private accounts affected by the crisis will be protected. |
| A Treasury delegation, which includes officials from the Bank of England and the Financial Services Authority, is in Reykjavik trying to establish a claims procedure for British depositors to get their money back as soon as possible. | A Treasury delegation, which includes officials from the Bank of England and the Financial Services Authority, is in Reykjavik trying to establish a claims procedure for British depositors to get their money back as soon as possible. |
| The talks are expected to last all weekend and the early signs are that significant progress has been made. | The talks are expected to last all weekend and the early signs are that significant progress has been made. |
| Chancellor Alistair Darling said he would unveil more details about the UK's bank rescue plan next week. | |
| "What we're doing over the weekend is looking at specifics, how do we implement it and we'll be making an announcement at the beginning of the week," he said. |