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  Moving on the KCC. I have had some information about them that I though I would pass on.
  
  The valuation dates dont fully align so I cannot do a proper analysis but I will pass on the figures.
  
  The KCC Pension Fund had £16m spread between 3 Icelandic banks on the 7th October.
  
  In total they had £140m in cash holding in the pension spread between 31 institutions. So the icelandic Bank money comprised of just over 11% of the total cash holding. This figure was the end of June 2008.
  
  At that time they had a further £2,431m invested in equities, property and bonds.
  
  Therefore if the amount of Icelandic Cash was the same at the end of June it would have held 0.6% of the total portfolio in Icelandic banks. Not a large figure.
  
  I would expect that recent falls in the equity and property markets would have a much, much greater impact on the portfolio value than the total loss of the £16m.
  
  They anticipate getting back most if not all the money that was invested in the Icelandic Banks.
  
  I cannot comment of how appropriate the equity holding are as I do not have any more details of the portfolio. It is quite reasonable to have equity holdings in this way due to the relative long term performance of equities, the only question would be wheher the level of holding are/were appropriate in terms of overall portfolio risk.
  
  This refers only to that money that is in the pension and not the remaining part of the £50m that would be a part of KCC reserves.
  
  I should add that there is no impact upon the existing or future pensioners. This is a statutory scheme.

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