Cheshire West council’s concern over £8.5m Iceland bank deposit

Nov 17 2008 by David Norbury, Chester Chronicle

THE effect of Cheshire County Council’s £8.5m deposit in a cash strapped Icelandic bank on the finances of the Cheshire West and Chester Council has come under scrutiny.

County Hall has the money on deposit with Heritable, a UK subsidiary of Landbanski.

The issue was raised by Conservative prospective parliamentary candidate for Weaver Vale Graham Evans.

He asked Cheshire West and Chester's finance boss Cllr Les Ford (Con, Frodsham & Helsby), the authority's deputy leader, what impact the investment would have on savings identified for the new council.

Cllr Ford pointed out that Cheshire West and Chester was responsible for half of the county council’s potential loss but also emphasised it was possible the investment would be recovered.

Cllr Ford stressed the authority would have reserves to deal with the situation and gave details of the council’s commitment to achieve savings which he said “remained on track”.