Bank storm hits Met funds

The financial crisis gets closer to ordinary people as it emerges that local authorities, including the Metropolitan Police Authority, invested hundreds of millions of pounds in collapsed Icelandic banks.

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Across the country, council after council has been coming out to admit massive investments in banks which have gone into receivership.

This programme has learned that London's Metropolitan Police Authority has £30m at stake.

Figures revealed to Channel 4 News include:

• Metropolitan Police Authority: £30m
• Sussex police authority: £6.8m
• Transport for London: £40m
• Kent County Council: £50m
• Dorset County Council: £28.1m
• Cornwall County Council: £5m
• Ceredigion County Council: £5.5m
• Wakefield Council had £9m
• Buckinghamshire: £5m
• Powys County Council: £4m
• Rhondda Cynon Taf County Borough Council: £3m

As concern for the cash grew, confidence in British banks showed signs of recovery in the wake of yesterday's rescue package.

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