Archive for the 'Icelandic Banks' Category


the audit commission gives council top marks for losing £10 million

'Rewarding failure'

'Rewarding failure'

Council leader Iain Malcolm Miss Piggy and the borough’s Dominatrix, Irene Lucas might want to put their celebrations on hold following last week’s announcement by the Audit Commission that South Tyneside Council is rated a 4 star authority.

Mr Monkey has learned that the Audit Commission and it’s inspectors have become a laughing stock after they announced that Cambridge City Council won top marks for sound financial management and value for money – despite investing £9 million in Icelandic banks and a potential loss of £618,000 on Cambridge Folk Festival ticket sales.

The top score of four marks was awarded by the Audit Commission for the council’s use of resources and it was one of the 13 top performers in the country.

The award focused on strategic financial management, sound governance, effective financial reporting and giving taxpayers value for money.

Council leader Cllr Ian Nimmo-Smith said: “The Audit Commission is aware of the financial issues in relation to the Icelandic deposits, which affect many councils, and the Folk Festival tickets. I can’t say to what extent they have been taken into account.”

He added: “I’m very pleased the successful way which we run things in Cambridge has been recognised by the Audit Commission. This endorses the recent survey results that showed that residents in Cambridge rated the city council as providing value for- money services at a higher level than other districts in the county.”

At the recent budget setting meeting, Cllr Lewis Herbert, Labour group leader, likened the Liberal Democrats’ management of council finances to a “road crash” with Cllr Nimmo- Smith at the wheel.

He said the Icelandic investment and Folk Festival losses, after an internet ticket sales company went into liquidation, were “self-inflicted”. He said he was surprised the council still received a four-star rating.

He added: “Losing £9 million in Icelandic investments and over £1 million in interest and the Folk Festival tickets represents a shocking failure of the council’s control systems.”

For the second year running, the finance and value for money element of the inspection gave the county council the top score of four.

Cllr John Reynolds, cabinet member for corporate services, said: “I am delighted that our inspection found that the way we manage our budget and spend council taxpayers’ money is of the highest order. We continue to work within an extremely tight financial climate but this score shows we are among the best councils in the country when it comes to financial management.”

These weaknesses are now most evident. For a Council to be declared “excellent” in the same week that it cuts services and raises taxes, and in the same year that it slashes staff pay, is crazy.

The Council have released a special issue of their staff newsletter to congratulate everyone on the achievement.

At the top of the list of high performing services are the Revenues and Benefits service, who deal with Council Tax payments and the administration of benefits to the needy. They too have received a top 4 star rating and yet a mixture of bad laws, bad government and crazy local decision making has seen many of the staff in that department lose a crushingly large proportion of their salary this year.

There’s nothing about this in the congratulatory press releases issued by the Council, the Audit Commission and the government.

Mr Monkey can’t help wondering what South Tyneside is hiding?


EXCLUSIVE: South Tyneside Council Lends £122 Million To Banks

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.


EXCLUSIVE: South Tyneside Council Invested in Icelandic Banks?

Someone in the town hall decided to leave a copy of the confidential green paper report presented to last week’s cabinet meeting lying about in the corridor outside the reception room.

Mr Monkey thanks this kind hearted individual for his or her generosity, without it the public would never have known what Mr Monkey is about to reveal.

Green paper reports are supposed to be confidential and are usually discussed behind closed doors with no press or public in attendance.

South Tyneside Council uses green paper reports to hide potentially embarrassing information from the public on the pretext of; it’s not in the public interest, data protection and commercial sensitivity. Mr Monkey believes that this is a ruse to hide the truth from the public.

This latest green paper is a quarterly financial report updating members on some of the financial dealings of the council. Mr Monkey reckons that whoever left it lying about did so intentionally in the hope that it would get into the public domain. Alternatively it could have been left behind by some senile old fool that couldn’t remember what day of the week it was.

Unlike Miss Piggy, council leader Iain Malcolm and the Dominatrix, Irene Lucas, Mr Monkey believes that the public have a right to know how their money is being used – it’s not commercially sensitive, it’s accountability.

Mr Monkey can exclusively reveal that South Tyneside Council did risk ratepayers money by depositing some of it in Icelandic banks. But it did manage to withdraw it before the collapse of the Icelandic banking system.

Mr Monkey is concerned that if those charged with looking after our money were prepared to take this level of risk where else have they invested our money – short term money markets for instance.

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