Dorset Council Finances

Wessex FM broke the news today that Dorset County Council has just over £28m deposited in two Icelandic banks which have gone bust. Landsbanki is now in receivership, and subsidiary bank Heritable has gone into administration.

The money consists of 6 loans, which are due out over the next 8 months, made up of council funds and pension fund cash balances. If the chancellor fails to protect local authority deposits, and Dorset County Council loses the money, this could have a serious impact on the budget.

Wessex FM news spoke to Dorset County Council’s Chief Financial Officer Paul Kent.

To hear the full interview click here.