CAF to give evidence on banking crisis

HM Treasury logo on inside wall. Photo: tompagenet on

John Low, Chief Executive of the Charities Aid Foundation (CAF), has been asked to give evidence to the Commons Treasury Select Committee Inquiry into the Banking Crisis about the impact on charities of the collapse of Icelandic Banks.
CAF estimates that at least £86 million of charity money was held in Icelandic banks when they collapsed in October 2008, and some estimates suggest the figure could be £200 million or more.
Low will join a panel of witnesses called to give evidence on “the protection of UK citizens investing funds in non-UK jurisdictions” in a session on 3 February.
The invitation to CAF followed a series of meetings on the collapse of Icelandic banks and the implications for charitable organisations with ministers in the Treasury and Office of the Third Sector attended by representatives from CAF, CFDG, NCVO, and ACEVO.
John Low said: “Charities are the last safety net for many in society during an economic crisis and it is important that the Treasury Select Committee fully considers the inadequate protection of charity deposits exposed by recent events.”
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