The BBC is reporting that The Tories and Lib Dems are urging ministers to "clear up the uncertainty" about hundreds of millions of pounds councils invested in Iceland's banks.
We can tell you that over the past 24 hours the Treasury have taken steps using Statutory Instruments to secure those funds as follows.
Yesterday, the Treasury laid the following SI (2008 No. 2644), Statutory Instrument . The Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008.). which came into force at 9.30 a.m. on 7 October 2008.
This SI made provisions to transfer certain rights and liabilities to be transferred from Heritable Bank Plc (“Heritable”) to Deposits Management (Heritable) Limited and for the operation of the Financial Services Compensation Scheme in relation to the transfer.
It also stated that Deposits Management (Heritable) is wholly owned by the Treasury (or to be
regarded as wholly owned by the Treasury for the purposes of the Act).
This was followed by a new SI (2008 No. 2668), laid before parliament at 12.00 8th October 08, called the The Landsbanki Freezing Order 2008.
However, it is the wording of this SI that surprised me.
The Treasury believe that action to the detriment of the United Kingdom’s economy (or part of it) has been or is likely to be taken by certain persons who are the government of or resident of a country or territory outside the United Kingdom.
The Treasury, in exercise of the powers conferred by sections 4 and 14 of and Schedule 3 to the Anti-terrorism, Crime and Security Act 2001(a), make the following Order:
The Treasury, in exercise of the powers conferred by sections 4 and 14 of and Schedule 3 to the Anti-terrorism, Crime and Security Act 2001(a), make the following Order:
Are we really so desperate that we are using Anti Terror laws against our friendly neighbours. They do say that you have no friends where money is concerned, or is it being used so that no-one has to give any information about it.
Having read the BBC report, I am wondering why the LibDem's and Tories would be asking what is happening, they would have received this information way in advance of me being able to see it.
Secondly, it begs the question in a time of fiscal restraint, where local authorities and councils are pleading poverty, raising taxes on anything they can find that isnt screwed down, raising Council tax wherever possible, where has all this money come from, that these councils could 'invest' it in Icelandic banks, outside of the constraints of the FSA and other regulators.
Meanwhile, Reuters is reporting that Iceland's government said on Wednesday it believed there was a good chance the assets of Landsbanki, now taken under government control, would cover deposits made by savers in Britain in IceSave.
Whew, that's alright then, for a moment I thought that this was where all the government money laundering was going on.
What the fuck???? The councils have been shuffling money into Icesave??
2 comments:
Fair's fair.
The UK has been itching to get its own back on Iceland for the Cod Wars for thirty years or so.
The fact that the Russkies have now bought up Iceland and are using its supermarkets up and down the country as naval bases is all the more reason to hit back hard, now, on any pretext.
Let's take Björk hostage right now. And Kerry "£15,000 boob job" Katona. Just to be on the safe side. And Magnus f***ing Magnusson, to the extent that he's still alive.
Not sure on that last point, actually.
Magnus has passed over to the great deep freezer in the sky. Let's hope his influence remains, however, and that the government finishes what it has started.
Post a Comment