Devon councils not in bank trouble

PUBLISHED: 13:51 09 October 2008 | UPDATED: 11:17 17 June 2010

EAST Devon District Council and Devon County Council have confirmed that they do not have any money in the collapsed Icelandic bank, Landsbanki. A spokesman for EDDC said: Our reserves are on deposit with a number of financial institutions in order to s

EAST Devon District Council and Devon County Council have confirmed that they do not have any money in the collapsed Icelandic bank, Landsbanki. A spokesman for EDDC said: "Our reserves are on deposit with a number of financial institutions in order to spread the risk - which is sound financial practice at any time. To minimise the risk still further, we lend only to triple A rated institutions. None of our deposits are with an Icelandic bank." The collapse has affected thousands of British people but the government has pledged to take legal action to recover savers' money.

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