Around 127 Councils put money into Icelandic Banks. Only 7 in the country, including Redcar and Cleveland Borough Council have been described as negligent for putting money in just before they collapsed ignoring warnings.
Ian Swales Liberal Democrats Prospective Parliamentary Candidate for Redcar said:
"It's unbelievable that our Council put more money into Icelandic Banks even after they were specifically warned. How can they be trusted to look after our money?"
Leader of the Lib Dem Group on Redcar and Cleveland Council said:
"The Council's actions were clearly negligent. They claim that an internal inquiry absolved them of blame. What Inquiry? It is all spin and bluster. The Council failed to act on advice given and this will eventually have a big impact on the Council Tax and on the services we provide. We insist that there must now be an independent inquiry into this calamity."