Why borough council didn’t go to Iceland
ASHFORD escaped the crisis involving Icelandic banks, because it had been advised not to invest in them.
The borough council put no money into the now collapsed banks after it had been told not to, two years ago, by its financial adviser Arlingclose.
Council leader Paul Clokie told a full council meeting last Thursday evening: “Two years ago they told us not to go there.”
Some councillors applauded when the reassurance was given.
Cllr Clokie said that council bosses are keeping in daily contact with the authority’s treasury management advisor and that the council had spread its investments.
Paul Naylor, Ashford council deputy chief executive said: “Ashford Borough Council has no investment with Icelandic banks and we would like to reassure all our residents that there will be no impact on the services we provide. The council will continue to seek advice from its treasury management adviser about investment opportunities and, given the current economic climate, we will be monitoring this daily.”