CHESHIRE County Council has unanimouslyŠagreed a temporaryŠchange to its investment policy to help cope with the financialŠturmoil in the world money markets.
The authority has £8.5m deposited with Heritable - a UK subsidiary ofŠLandbanski.
Members have expressed “full confidence” in finance officers who invested the cash with Heritable a week before its credit ratings began to fall on September 30.
Council Leader Paul Findlow said the Local Government Association believes councils that investedŠbefore September 30 “acted prudently” - and cannot be criticised.
The Audit Commission – responsible for scrutinising public expenditure - hadŠ£5m with Heritable and £5m with Landbanski.
Cllr Findlow says signs are hopeful that “we’ll get at least some of our money back. Our council taxpayers can rest assured that we will be monitoring events very closely indeed.”