Dutch councils have millions in Iceland

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Groningen province deposited EUR 30 million, and local councils have more than EUR 70 million, in troubled Icelandic banks.

15 October 2008

AMSTERDAM -- The province of Groningen admitted it has EUR 30 million in two troubled Icelandic banks: Kaupthing and Landsbanki. Altogether, Dutch local councils deposited more than EUR 71 million in Iceland.

An investigation by the Dutch public broadcaster NOS reveals that no other provinces appeared to invest money in Icelandic banks.

However, when questioned, the provinces of Utrecht and Limburg would say only that they invested money abroad.

A representative for North-Holland admitted that the province deposited savings abroad but said it intends to reclaim a portion of them.

[Radio Netherlands / Expatica]

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