Well, well. The Icesaver saga gets more interesting by the hour. Here’s today’s Telegraph…
A series of official Government statements yesterday showed that several universities, as well as hospitals, police forces, charities and more than 100 local councils are now potentially facing financial crises after being blocked from accessing funds in Icelandic banks adding up to at least £1.164 billion.
Cambridge disclosed it had £8.5 million in Heritable, a subsidiary of the failed Landsbanki, and £2.5m in Glitnir, but said that the funds represented just three per cent of its total bank deposits.
Another 11 universities meanwhile, including Manchester University, the Open University, Glyndwr University, based in Wrexham, and Manchester Metropolitan University have deposits in Icelandic banks adding up to £66 million.
A Cambridge spokesman said: “We have alerted HEFC (the Higher Education Funding Council) and we are seeking to have a concerted recovery effort with the other British universities affected.”
One of the funniest things about these depositors is that they all solemnly explain that they poured money down the Icelandic drain after taking the best possible “professional advice”. Who are these mysterious advisers? And shouldn’t someone now be sueing them for negligence?