Cumbrian hospital’s money in failed Icelandic bank
Last updated 12:18, Monday, 13 October 2008
A fundraising committee for a Cumbrian cottage hospital has money invested in a failed Icelandic bank, it has emerged.
The League of Friends of Brampton and District War Memorial Hospital has a “substantial proportion” of its funds deposited with one of the troubled institutions.
The committee refused to say how much cash was invested and with which bank.
Members say they will press the Government for compensation.
In a statement, the League of Friends said: “A substantial proportion of the funds of the League of Friends of Brampton and District War Memorial Hospital and the community are deposited with one of the (Icelandic financial) institutions concerned.
“We are using every means to clarify our current position with the bank and its administrators, and will continue to pursue our enquiries vigorously.
“Once the situation is clarified we will, if necessary, lobby UK Government via our MP to press for making good any shortfall in our funds.
“It is our intention to hold an emergency committee meeting once matters are more clear, and in any event, within the next two weeks.”
Officials from the Treasury, the Bank of England and the Financial Services Authority (FSA) were in Reykjavik at the weekend for talks aimed at securing a deal for British investors in Iceland.
Iceland’s authorities are said to be close to agreeing a repayment package to help cover the losses of private British savers with Icesave, a UK arm of one stricken bank.
However, the deal does not yet include the billions of pounds invested by councils, charities and other public bodies.
