The Metropolitan police authority has 30 million deposited in Icelandic banks.

Metropolitan police authority has £30 million deposited in icelandic banks & calls "government to guarantee against potential losses" but claims "frontline policing will not be affected"

Channel 4 News at Noon has discovered that the Metropolitan Police Authority has £30 million deposited in risky Icelandic banks but claims that "Frontline policing services will not be affected".

The programme has also discovered that the Sussex Police Authority has deposits of £6.8 million also invested in Icelandic banks, all this on top of Kent, Dorset and Cornwall county councils, as wall as Transport for London. Figures for these and more below.

The Metropolitan Police Authority has told Channel 4 News at Noon that it is "urging the government to guarantee local authorities and police authorities against any potential losses."

In a statement to Channel 4 News at Noon the MPA confirmed their investment of "£30 million invested in an Icelandic bank" saying:

"Local authorities and police authorities are obliged to invest responsibly and deposit money in a wide range of banks and other financial institutions, after independent advice and within strict guidelines, to make sure that any risk is spread and there is no impact on the taxpayer."

And: "The MPA is by statute constituted as a local authority and as part of the GLA family, the Association of Police Authorities (APA) and the Local Government Association (LGA) will be urging the government to guarantee local authorities and police authorities against any potential losses."

Continues: "The MPA fully supports the LGA's call to the government to extend to local authorities and police authorities, who have prudently managed council tax payers' money, the same assurances as given to the public that money invested in accordance with the law, and the government's own guidance, will be fully protected."

• metropolitan police authority - £30 million
• sussex police authority - £6.8 million
• transport for london - £40 million
• kent county council - £50 million
• dorset county council - £28.1 million
• cornwall county council - £5 million
• ceredigion county council - £5.5 million
• wakefield council had £9 million
• buckinghamshire: £5 million
• powys county council - £4 million
• rhondda cynon taf county borough council - £3 million

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10 October 2008 © Moneyextra.com

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