MILLIONS of pounds of Daventry taxpayers' money could be under threat after being invested in Icelandic banks.
Daventry District Council has announced it has £8 million of its reserves invested in Icelandic banks.
The council revealed it has £3 million with Landsbanki and £2 million with Glitner which were both nationalised by the Icelandic government.
It also has money with Landsbanki subsidiary Heritable, and with Kaupthing Singer and Friedlander.
The council's chief finance officer Paul Hammond said: "The council is currently reviewing its investment strategy, in conjunction with specialist investment advisors regulated by the Financial Services Authority to minimise any further risks to its investments."
The Local Government Association has today pushed the Chancellor to protect local authorities' deposits with Landsbanki.
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