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Local Government: Bank Services

Communities and Local Government written question – answered on 11th March 2009.

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Photo of Stewart Jackson Stewart Jackson Shadow Minister (Communities and Local Government)

To ask the Secretary of State for Communities and Local Government with reference to the Answer to my hon. Friend Mr. Pickles and Ongar of 17 October 2008, Hansard, column 1577W, on local government: bank services, what information (a) her Department and (b) the Audit Commission received from (i) the Financial Services Authority, (ii) the Bank of England and (iii) HM Treasury on the level of risk associated with investment in Icelandic banks before October 2008.

Photo of John Healey John Healey Minister of State (Department of Communities and Local Government) (Local Government)

On part (a), my Department did not receive, nor would we expect to have received, information from any source on the Icelandic banks. As the Department's investment guidance, published in 2004, makes very clear investment decisions are a matter for the local authorities concerned,

On part (b) the Audit Commission has confirmed that it did not receive, nor would expect to receive, information from the sources named in the question regarding investments in Icelandic banks.

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