No Council funds deposited with Icelandic Banks

Councillor Ken Thornber, Leader of Hampshire County Council, said:

"Hampshire County Council has no funds deposited with Icelandic banks.

The Council invests its money with the main UK clearing banks, a range of other financial institutions and AAA rated money market funds.  Within strict guidelines, which are regularly reviewed, based on credit rating and asset base.

This approach ensures that any risk is spread to minimise the impact of problems in the financial markets."