Herts County Council now face loss of £28 million

PUBLISHED: 17:15 10 October 2008 | UPDATED: 13:39 06 May 2010

IT has been now been revealed that Herts County Council (HCC) stand to loose up to £28 million in the meltdown of the Icelandic banking system. As well as deposits of £17 million in Landsbanki and its UK branch Heritable, HCC also has £7 million in Glitnr

IT has been now been revealed that Herts County Council (HCC) stand to loose up to £28 million in the meltdown of the Icelandic banking system.

As well as deposits of £17 million in Landsbanki and its UK branch Heritable, HCC also has £7 million in Glitnr and £4 million in Kaupthing - other troubled Icelandic banks.

Although the Government has assured Britain's individual savers in the Icelandic banks that they should get their money back, the guarantee does not apply to institutions like local authorities or charities.

Many local authorities have been affected by the problems which surfaced earlier in the week, including the Herts Police Authority which has £3 million deposited in Heritable.

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