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    Actually Sid these amounts of money are peanuts as far as an authority the size of KCC is concerned. They need cash reserves of this kind. I am sure you will remember the problems caused some years ago after it transpired the old Labour controlling group had spent DDC reserves. They went right into panik mode.....

    Incidentally the Icelandic Bank issue was well discussed at the time and I analysed the information provided and KCC (or DDC) did not do wrong. The amounts in the Icelandic Banks were a very small part of well diversified portfolios invested at a time when they were at least A rated. Remember even the Audit Commission who oversee Council spending and investments had money in Icelandic Banks.

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