Councils slated for 'ignoring' Iceland risks

According to the BBC, seven authorities "ignored" warnings about the banks' solvency and deposited money in the ailing institutions. The Audit Commission also put £10m away and has now called for "lessons to be learnt". While councils reject the criticism, the fate of the £954m deposited by more than 100 councils and other public bodies remains uncertain. The Conservatives have accused the Treasury of being aware of stability concerns surrounding the Icelandic banking system since early 2008 but failing to pass on information to local authorities. "Someone has to take responsibility f...