EDDC has no deposits with Icelandic banks

PUBLISHED: 18:48 13 October 2008 | UPDATED: 11:18 17 June 2010

FOLLOWING reports that some local authorities have cash deposited in the collapsed Icelandic bank Landsbanki, its UK arm Heritable

FOLLOWING reports that some local authorities have cash deposited in the collapsed Icelandic bank Landsbanki, its UK arm Heritable, or in other threatened Icelandic institutions, East Devon District Council wants to reassure residents that it is not affected by this particular aspect of the financial crisis.

Councillor Andrew Moulding, EDDC's Portfolio Holder Resources, said: "EDDC's reserves are on deposit with a number of financial institutions in order to spread the risk - which is sound financial practice that we always follow. To minimise the risk still further, we lend only to triple A rated institutions. None of our deposits are with an Icelandic bank".

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