Guidance for charities with Icelandic bank investments
Howard Lake | 12 October 2008 | News
The Charity Commission has published guidance for charities who have invested in the Icelandic banks that have collapsed, leaving them open in some cases to significant losses.
The Commission outlines what a Treasury statement implies for charities with investments in Landsbanki, Heritable and Kaupthing Singer and Friedlander. Some charities will qualify as retail depositors in those banks, and therefore, according to the Treasury, “will receive their money in full”.
Charities that qualify include those with an annual turnover of £6.5 million or less, or assets of £1.4 million or less, depending on how the charity is structured.
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The Charity Commission is asking all charities affected by the Icelandic crisis to contact en*******@***********************ov.uk so that it can collate information.
A day earlier the Commission has published guidance on the Financial Services Compensation Scheme – what it means for charities.
www.charitycommission.gov.uk/news/ice.asp
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About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.