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Icelandic Banks NPT Watchdog Comment.

May 2011

Source: South Wales Evening Post

Where’s our money gone?

Why was all this tax payers money hanging around in this Icelandic bank. Probably got there in the last few years from the huge increases in council tax and ludicrous parking charges.

Neath\Port Talbot residents hard earned millions pounds could have been better spent on building new homes, repairing our roads, modernising our children’s playgrounds or for new youth clubs, supporting local charities ect ect, surely any alternative is better to what has happened.

Why did other Council finance departments see problems much sooner withdrawing their deposits from Icelandic banks?

So what was Neath/Port Talbot finance department doing? The Council employs trained financial advisers who obviously failed to do some simple ‘monitoring’ or ‘financial research’ yet the department was responsible for the tax-payers money.

At the very least Neath and Port Talbot council are guilty of gross negligence in its control of finances flouting the interests of Neath/Port Talbot’s council tax payers who deserve a detailed explanation of what happened and who was responsible for this cavalier use of public funds.