MPs demand bail-out for charities

2009-04-02 23

Charities in the UK that lost millions of pounds when the Icelandic banking system collapsed should get a bail-out, according to a committee of MPs.

But local authorities that suffered the same fate should not be compensated, the Treasury Select Committee said.

Deposits held by British citizens living outside the UK with savings in these banks' offshore arms should also not be covered.

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Charities-Plea for plan over Iceland crisis

2008-12-09 (All day)

By John Plummer, Third Sector Online, 9 December 2008
Voluntary sector calls for government action to help charities with money in failed banks
Four voluntary sector representative bodies are writing to City minister Paul Myners this week urging him to spell out how the Government proposes to help charities with money tied up in failed Icelandic banks.

The move comes amid growing frustration at ministers' refusal to pledge support for the estimated 48 charities that have up to £200m at risk.

Treasury minister Angela Eagle last week rejected a suggestion from her Conservative shadow Mark Hoban that the Government establish a temporary funding facility for charities with money in Icelandic banks.

Chief executives body Acevo, umbrella body the NCVO, the Charities Aid Foundation and the Charity Finance Directors' Group are writing to Myners.

"This delay is causing great concern," said Stephen Bubb, chief executive of Acevo. "All those involved want to put next year's budgets together and need to know what the Government is proposing."

Stuart Etherington, chief executive of the NCVO, called on the Government to guarantee that "no charity will go under while waiting for their funds to be returned".

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Iceland crisis freezes charity work

Posted 02/12/2008 - 14:57 by steveejeb

2008-12-01 (All day)

The collapse of Iceland's banks has affected some British charities who had saved with them. One is Naomi House Children's Hospice in Hampshire which has had to cut vital services.
Sue George and her eight-year-old daughter Holly are arguably two of the most innocent victims of the Icelandic banking crisis.
They live in Beedon, in Berkshire, and until recently knew they could rely on a hospice-at-home service run by Naomi House. Now, they can't.
Naomi House recently had to slash services, two months after it found it could not access its £5.7m reserves in Kaupthing, Singer and Friedlander (KSF) - the UK subsidiary of Iceland's biggest bank.

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Darling accused of Not Warning UK Institutions Of Icelandic Melt Down

Posted 30/11/2008 - 01:46 by steveejeb

2008-11-30 (All day)

.............The news comes as Chancellor Alistair Darling is under fire from the Liberal Democrats as to how much the government knew about the parlous state of Iceland's finances in the run-up to the financial crisis.

Lib Dem Treasury spokesman Vince Cable wrote to Darling after it emerged he held talks with the Icelandic finance minister over the crisis in the summer. Cable asked him to explain why he didn't warn UK institutions their investments could be under threat, and still hasn't received a reply. Lord Oakeshott, the Lib Dem's Treasury spokesman in the Lords, said: 'Mr Darling can't be bothered to reply to questions about hundreds of millions of British cash trapped in bust Icelandic banks.'

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