Whoops! Where's our £4m gone!

Finance and Audit Scrutiny Panel last night. We had an emergency item on the Icelandic Bank crisis. I chaired the meeting which was hard with the opposition trying at every point to blame us for what happened. The point was, it has happened. The warnings were out there that some authorities heard and some did not. We were one of the ones who did not. Perhaps Cllr Smith who is Portfolio Holder for Finance could have done more - the point is the Council are very unlikely to get their £4m back when it matures in December. We, as the Opposition, have got to ensure that this does not affect the residents and that it does not happen again.