ICELANDIC BANKING CRISIS (2009)
On 4th April the Treasury Select Committee released a report, Banking Crisis: The impact of the failure of Icelandic Banks, which recommended that charities should be compensated for their losses in the Icelandic banks. Alongside Save our Savings, NCVO, CAF and ACEVO, CFG wrote to the Chancellor on 20th April 2009 to welcome the report and urge the Government to adopt its recommendations.
Letter to the Chancellor
Research by CFG, NCVO, ACEVO, the Charities Aid Foundation and the Charity Commission has revealed that 48 charities are affected and they have lost £86.6 million. We understand from the KSF website that it may be as much as £230 million (the KSF indicated on 30th June 2008 that they had 99 charity clients investing £230 million - but these may not all be UK-registered charities).