Why bor­ough coun­cil didn’t go to Ice­land

Kentish Express Ashford & District - - Off The Record - by Sam Len­non and Sarah Mar­shall ken­tish­ex­press@thek­m­group.co.uk

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.”

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