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Lib Dem-run Sutton Council is estimating it will lose over £1 million of the £5.5 million it invested in an Icelandic bank.

Councillor John Drage, executive member for resources on Sutton Council, said:

“The administrator, Ernst & Young, continues to estimate we will recover at least 80 per cent of our investment and we have received the first part already.

“Should the economy improve, we may receive more than 80 per cent.

"The money frozen in Heritable Plc has had no impact on council services or the level of council tax this year.

“We acted quickly to change the way we invest money and tighten the credit rating criteria for banks we invest with."

So that's all right then. Astonishingly Cllr Drage says he didn't know the investment of £5.5 million had been placed. Surely he should resign.

14 comments for: Sutton Council loses £1 million on Iceland

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