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Talks on retrieving Iceland cash Talks on retrieving Iceland cash
(10 minutes later)
The Scottish secretary will hold talks with local authorities and the Treasury to discuss how to retrieve council funds stranded in Icelandic banks. Scottish Secretary Jim Murphy will hold talks with local councils and the UK Treasury to discuss how to retrieve funds stranded in Icelandic banks.
Local authorities across the UK, including several in Scotland, had invested a total of £858.3m in the banks which have since been frozen. Local authorities across the UK, including several in Scotland, had invested a total of £858.3m in the banks, which has since been frozen.
Jim Murphy will broker a meeting with Cosla, the local authority umbrella group, and Treasury officials later. Scottish councils were not hit as hard as those in England.
Cosla said Scottish councils had not been hit as hard as those in England. Earlier this month a Treasury spokesman said any assistance for Scottish councils would come from Holyrood.
But, while the sums of money involved were considerably less, there was still concern as to when any of the investments would be returned. But, while the sums of money involved were considerably less, there was still concern over when any of the investments would be returned.
Aberdeen, North Ayrshire, Perth and Scottish Borders Council were among the councils that held funds with Icelandic banks. Aberdeen, North Ayrshire, Perth and Scottish Borders Council were among the councils which held funds with Icelandic banks.
Mr Murphy will broker a meeting with local authority umbrella group Cosla and Treasury officials later.
It is also envisaged that Cosla could join discussions with the Local Government Association (LGA) in England when it holds talks with the Treasury.It is also envisaged that Cosla could join discussions with the Local Government Association (LGA) in England when it holds talks with the Treasury.
The government has frozen the UK assets of Icelandic bank Landsbanki, saying local authorities would benefit from this.The government has frozen the UK assets of Icelandic bank Landsbanki, saying local authorities would benefit from this.
Earlier this month a Treasury spokesman said any assistance for Scottish councils would come from Holyrood, as local authority matters were devolved.