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Police Authority funds in Icelandic banks

10 October 2008 by Rod McLaren

100+ local authorities and other organisations have up to £1 billion invested with Icelandic banks, and rather than directly offering guarantees against potential losses, the UK government is currently pursuing Iceland. (Interestingly, in what was an expedient but inflammatory move, the UK used anti-terrorism legislation to freeze Icelandic assets in the UK.)

The APA reports that there are 15 Police Authorities in England and Wales that have £95.7 million cash invested with Icelandic banks. These are the forces:

The APA represents police authorities in England and Wales only. However, an Association of Chief Police Officers in Scotland spokesman says that none of Scotland’s eight forces had investments in the collapsed banks, and there’s no news yet whether the Police Service of Northern Ireland has any money at risk.

Where the Police Authorities are commenting on it, they’re saying that they have invested according to the rules, and that there will be little immediate impact upon front-line policing. However, if the funds aren’t recovered there may be reduced capital expenditure in the next couple of years, and potentially an increased reliance upon central government funding programmes for modernisation, mobile and IT projects, such as those currently administered by NPIA.


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