Dutch councils banked at Landsbanki

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At least 12 local councils have come forward to say they have accounts with the ailing Icelandic bank.

14 October 2008

THE NETHERLANDS -- It has transpired that an increasing number of Dutch local councils have savings accounts with the ailing Icelandic bank Landsbanki.

The town of Amstelveen heads the list, with a EUR 15 million deposit at Landsbanki. Pijnacker-Nootdorp and Goes towns have deposits of EUR 12 million each.

Pijnacker-Nootdorp deposited temporary surpluses at Landsbanki to generate interest. Goes says the money was intended to finance future projects. Other towns which put their money in Landsbanki include Veere, Alpen aan den Rijn, Naarden, Asten en Zundert.

Zundert, which has EUR 2.5 million in a Landsbanki account, says the bank had appeared to be very trustworthy.

A total of 12 local authorities have invested EUR 58 million in Landsbanki, parent of the bankrupt internet bank Icesave.

The Association of Netherlands Municipalities and the finance ministry are investigating ways to recover the deposits.

[Radio Netherlands / Expatica]

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