Why invest so much?

at the present moment in time this authority is six and a half million pounds down through the council investing in the Icelandic banks fact.

At the present moment they have received just over £1.5 million back not the £2million that Mr Quigley reports to have been returned.

When he states members of the council do not invest monies it is the officers of the council but these officers work for the council and you as leader at the time were responsible for what was taking place and the buck stops with you and your members.

What has amazed me is that Bassetlaw Council was in the top 25 per cent of authorities who invested in Icelandic banks as it being a small authority to the other authorities and organisations which invested. One council down the road only invested one million, so why did this council invest this large amount?

Regarding the hole in the finances which Mr Quigley says can be verified by correspondence and minutes but the fact of the matter is that in 2009/10 and 2010/11 the then council used reserves in the first year and VAT returns in the second year to balance the budgets which his party put forward this was because of the loss on the short term investments in the Icelandic banks. He also mentions the Government of the day but the authorities used private sector advisors and credit rating agencies the Government only got involved when one of the Icelandic banks got into trouble.

People should also be made aware that Iceland had a referendum on paying the money back and voted overwhelmingly not to. This is why it is taking time to get the monies back.

I as a rate payer am not interested in what other councils did only that this council at the time invested such large amounts in one direction.