I have just read an interesting article on how World leaders following a summit in Beijing have called for a "comprehensive reform of the global financial system." (http://news.bbc.co.uk/1/hi/world/asia-pacific/7690730.stm)
What i find interesting about this article is how the world leaders are almost looking past the current financial disaster and looking into the future to stopping this from happening again. In all honesty im all for a reform if it would stop another financial meltdown from occuring but should it be at the expense of us focusing on the current one. Shouldn't world leaders be focusing on ending the current financial crisis before they think about a reform???
You can find the article here: ( http://news.bbc.co.uk/1/hi/world/asia-pacific/7690730.stm).
Saturday, 25 October 2008
Sunday, 12 October 2008
Lancashire Police call for help over bank crisis
I have just read an interesting article about how Lancashire's Police Authority are seeking advice and assurance following the collapse and nationalisation of Icelandic bank Landsbanki, following their investment of less than £1 million with the bank. It would appear that it is not only the County Councils' of Lancashire that are in crisis following the banks nationalisation on Tuesday. Take a look at the article here: http://www.lancashiretelegraph.co.uk/news/3749812.Lancs_police_authority_call_for_government_help_over_Icelandic_bank_crisis/
Lancashire Councils set to lose big after Icelandic bank collapse
The credit crunch may well have hit closer to home after several of Lancashire's County Councils' maybe set to lose up to £10 million following the collapse of Icelandic bank Landsbanki.
The Lancashire Councils' including: Lancaster, Chorley, South Ribble and Burnley had all invested money in Landsbanki as a short-term measure before the credit crisis.
Lancashire County Council has the most, having invested £10 million with Landsbanki. Lancaster Council has £6 million, South Ribble £5 million, Chorley £2 million and Burnley Council £1 million all invested with the bank.
Lancashire County Councillor, Tony Martin claims it is not as bad as it first seems. " While this is a large amount of money, it represents less than 2% of the total amount of the county council's current investments". (http://news.bbc.co.uk/1/hi/england/lancashire/7661668.stm)
Mr. Martin, has also urged people to remain calm and not to panic. "We are doing everything possible to bring this issue to a positive conclusion". (http://news.bbc.co.uk/1/hi/england/lancashire/7661668.stm)
The question is will the Government have to step in and help the County Councils', and if so will the Government be able to guarantee them against any losses they may suffer? Also, is Gordon Brown doing enough as Primeminister during this time of Global repression? If you have any thoughts on the article or these questions please feel free to post them.
Two articles that may be useful in understanding this post or for further information are:
http://www.lep.co.uk/news/Council-could-lose-10m-tied.4576265.jp
http://news.bbc.co.uk/1/hi/england/lancashire/7661668.stm
The Lancashire Councils' including: Lancaster, Chorley, South Ribble and Burnley had all invested money in Landsbanki as a short-term measure before the credit crisis.
Lancashire County Council has the most, having invested £10 million with Landsbanki. Lancaster Council has £6 million, South Ribble £5 million, Chorley £2 million and Burnley Council £1 million all invested with the bank.
Lancashire County Councillor, Tony Martin claims it is not as bad as it first seems. " While this is a large amount of money, it represents less than 2% of the total amount of the county council's current investments". (http://news.bbc.co.uk/1/hi/england/lancashire/7661668.stm)
Mr. Martin, has also urged people to remain calm and not to panic. "We are doing everything possible to bring this issue to a positive conclusion". (http://news.bbc.co.uk/1/hi/england/lancashire/7661668.stm)
The question is will the Government have to step in and help the County Councils', and if so will the Government be able to guarantee them against any losses they may suffer? Also, is Gordon Brown doing enough as Primeminister during this time of Global repression? If you have any thoughts on the article or these questions please feel free to post them.
Two articles that may be useful in understanding this post or for further information are:
http://www.lep.co.uk/news/Council-could-lose-10m-tied.4576265.jp
http://news.bbc.co.uk/1/hi/england/lancashire/7661668.stm
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