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Crunch threatens offshore money
Crunch threatens offshore money
Last Modified: 14 Oct 2008
By:
Nick Martin
Councils around Britain have £850m trapped in collapsed Icelandic banks.
The latest figures on councils and public bodies in the UK could hardly be more stark.
But as much, if not more, has been invested by British depositors in Icelandic-owned banks in Guernsey and the Isle of Man.
Many are now discovering to their cost that offshore accounts are not covered by Britain's deposit guarantee.
If it is not extended, they could lose their life savings.
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After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
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