Hillingdon and Brent involved in ‘dodgy geyser’ affair

Geyser Brent and Hillingdon Councils are among those who may lose money in the Icelandic bank collapse. Both councils are among the 90 public organisations named so far as having money on deposit with Icelandic banks which may not be guaranteed. Hounslow Council has stated it has no funds at risk with the banks concerned.

The total known to be at risk for all is over £800m, but Brent (£15m) and Hillingdon (£20) show among the smaller potential losses. Kent County Council has £50m at risk.

Barnet (£27m) and Westminster (£17m) are the other named London Boroughs involved, while the Metropolitain Police (£30m) and Transport for London (£40m) both stand to lose sigificant sums.

Meanwhile, LB hounslow has moved to reassure residents that it does not have funds in any struggling Icelandic banks.

Cllr Gerald McGregor, lead member for finance at the council, said: “I would like to assure residents that our funds are not among those at risk from the situation in Iceland. We have taken a cautious approach to our investments, and we are keeping a close eye on the developing situation".

See the full BBC coverage.

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