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  Keith - I do deal with investment on a professional basis so I do know about this kind of thing and it is not a matter of a political viewpoint.
  
  Alexander - again I inform you that you do not know what you are talking about. I could give you a lecture on the matters that you refer to and on which you demonstrate, at best, a partial understanding, but I do not have the motivation and time to do so.
  
  Peter Garstin is quite right about spreading investments, though local authorities do not have quite the free-hand in this as private sector investors. The body that overseas local authorities in this, the Audit Commission (soon to be defunct) themselves invested money with Icelandic Banks.
  
  Peter, you are of course correct about total local authority exposure but there lays an assumption that there was some over-riding perspective on the totality of funds being invested into each provider/asset class, there is not.
  
  Each local authority/government body made their own investment decisions with reference to only their own portfolio requirements. What was important here is the proportions of the overall portfolios that was in these banks. I have not heard that this was excessive and I remember when figures were announced for DDC and KCC that was not a problem, the exact details I do not remember.

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