Earlier this week Mr Monkey exclusively revealed that South Tyneside Council had invested money in Icelandic banks, CLICK HERE but withdrew it before the system collapsed.
Mr Mr Monkey can now exclusively reveal that South Tyneside Council regularly plays the money markets and loves risking taxpayers money on the world’s financial markets.
Currently South Tyneside Council has lend around £122 million of our money to various banks and financial institutions around the world. In return the council receives interest on the money it lends – the higher the interest – the greater the risk.
Here’s a list of who the council has lent money to:-
Barclays Bank – £10 million
Lloyds TSB – £3 million
National Australia Bank – £3 million
Allied Irish Bank – £10 million
Bank of Ireland – £10 million
Anglo Irish Bank – £5 million
Nationwide Building Society – £10 million
EBS Building Society – £8 million
Bank of Scotland – £9 million
Alliance and Leicester – £200,000
Abbey National – £3 million
Natwest SIBA – £5.78 million
Standard Life Money Market Fund – £8 million
DEPFA Bank – £2 million
Unicredito Italiano – £10 million
Coventry Building Society – £10 million
Chelsea Building Society – £10 million
Leeds Building Society – £5 million
Mr Monkey would like to remind the fuckwits in the town hall that the world’s money markets are in chaos and the banking system is on the verge of collapse – it’s time you stopped playing the financial markets before you bankrupt the borough and find yourselves behind bars.