Councils with Icelandic deposits were taking reckless risks

Camden Council has absolutely no exposure to Icelandic banks. This contrasts with neighbouring Conservative controlled Barnet (£27m at risk) and Westminster (£17m). A further £37m is also in great jeopardy in Conservative-controlled Bromley, Havering and

Camden Council has absolutely no exposure to Icelandic banks. This contrasts with neighbouring Conservative controlled Barnet (£27m at risk) and Westminster (£17m). A further £37m is also in great jeopardy in Conservative-controlled Bromley, Havering and Hillingdon.

As Lord Oakeshoot, Lib Dem peer Treasury spokesman, said, councils with huge deposits in Iceland were taking reckless risks and ignoring government guidelines prioritising security and liquidity. In Camden we have a professional team who, with top actuarial advisors, seek to safeguard our funds.

Cllr Paul Braithwaite

Member, Camden Council's Pensions sub-committee