| Deposited shortly before the collapse of the banks |
| Thursday, 26 March 2009 07:20 |
 An institution that has supervision with the English communes say that seven communes deposited close to 33 million pounds in total, worth 5,1 billion krona, in to the accounts in the Icelandic banks shortly before they collapsed last fall. The television channel Sky News says, that the institution has come to the conclusion that the seven communes so broke against their own rules and regulations to not deposit large amounts into foreign bank accounts. The institution says that the communes had continued to invest in the Icelandic banks after their loan grades were below the decent mark. The supervisor of one of the communes did not open an e-mail where the changes of the loan ability grades were declared, another commune relied on out dated information and the third broke regulations about maximum balances in one bank. The seven communes deposited into the Icelandic bank accounts in the term from 30. There of deposited a pension fund of South Yorkshire in 10 million pounds into an Icelandic account on October 2nd. The city council of Kent deposited twice into such accounts on October 1st and 2dn, in total 8,3 million pounds. In total had 127 communes 954 million pounds in the accounts of Landsbanki and Glitnir when the banks collapsed.
News Article by noname Translated by Anya Original Article in Icelandic
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