Burnham-On-Sea Town Council and Sedgemoor District Council both reassured residents on Thursday (October 9th) that they had not lost money during this week’s collapse of several Icelandic banks.
It comes after Somerset County Council revealed it had lost £25million invested in three troubled Icelandic banks.
Council leader Jill Shortland said the money represented 2.5% of the overall portfolio. She said the authority had always tried to be prudent and spread investments, as advised by the government.
And she added that the council had followed Treasury advice by investing surplus money to deliver the highest return for taxpayers.
Sedgemoor District Council spokeswoman Claire Faun told Burnham-On-Sea.com it had no funds in Iceland banks, and Burnham and Highbridge Town Council’s Clerk, Eileen Shaw, also confirmed the council had not been affected.
