Police authority cash tied up in Icelandic bank

Thames Valley Police Authority has announced it has money caught up in the Icelandic bank fiasco.

A statement from the authority said it has a 364 day loan of £5m, due for repayment in May 2009, deposited with Landsbanki.
Last week the bank announced it was putting a freeze on depositors withdrawing assets.

The police authority statement said: "In the immediate short term we do not expect any impact on front line policing and discussions between the Association of Police Authorities, the Local Government Association and Central Government are continuing to seek a solution to protect public sector services in the long term."

A full report on the matter will be given to the Police Authority in their next meeting on October 24.

The news comes days after some local councils, including Bucks County Council and Wokingham Borough Council revealed they have money tied up in the bank.