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Audit Commission censures Councils with Icelandic bank deposits

The Audit Commission has criticised Councils for depositing money in Icelandic banks. They single out seven councils as "negligent" for investing after the banks credit ratings were down graded on September 30 2008.

The Councils named and shamed are Kent County Council, the South Yorkshire Pensions Authority, North East Lincolnshire Council, Redcar and Cleveland Borough Council, Restmormel Borough Council, the London Borough of Havering and Bridgnorth District Council.

But Kent have hit back. They say the Audit Commission have twice the level of exposure they do. "It really is a case of the pot calling the kettle black," says Cllr Nick Chard.


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