This is my first posting so not sure if this will be right so do forgive me if this pops up in the wrong place!
I noticed in my local paper The Derby Evening Telegraph 24/10/08:

Council Reveals It Has £1m Invested In Icelandic Bank.

(

I am re-typing extracts of a longer article covering the Derbyshire councils)

A Derbyshire council has revealed it is trying to reclaim £1m it has invested with an Icelandic Bank.

Two weeks ago, Amber Valley Borough Council told the Evening Telegraph it did not have funds in collapsed Icelandic Bank Landsbanki but has now revealed it has £1m on deposit with Kaupsthing Singer & Freidlander; a subsidiary of Landsbanki.

KSF has been put in to administration.

The council entered into the deal with the bank in March this year and the deposit is for a fixed term of a year.

It said when it put the money into KSF, the credit ratings for the bank were within approved criteria for councils.

The authority has now lodged an appeal to recover the deposit, and interest due, with Ernst and Young, which is the administrator for the banks Heritable and Kaupthing Singer and Friedlander.

Peter Carney, chief executive at the council, said the Icelandic investment was not behind the decision to cut its workforce by 80 jobs.

Etc Later in the article is says:

East Staffordshire Borough Council has the largest deposit £4m - £3m with with Landsbanki which has now been nationalised , and £1m with the Singers bank.

It is still seeking advice on any action it may need to take and is working closely with the Local Government Association, which is representing councils.Chief Executive JeanetteMcGarry said she was confident it could keep any financial issues to a minimum.

Etc.

I wonder if this is of any interest, and as I guess I live most locally to these could do some follow up if anyone in the group has any ideas/advice on what to do!