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  Bob - the Councils have a duty to seek the best possible rate of return on money held. No-one really did forsee the banks going belly-up though there are some who try to claim some kind of insight lost to most. Largely this is no more than a spot of self-rightousness born out of a lucky break.
  
  The simple fact is that the problem was so widely spread it does not indicate any particular failing in any one body in the public or private sector.
  
  I did not personally have any clients lose a penny over this, but I do know some very good IFAs who did recommend the Icelandic Banks after doing due diligance in September for the investment of significant amounts of money and none, as far as I know, have been found against by the ombudsman.

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