Hospice 'relieved' at timely withdrawal from Icelandic bank

A children's hospice has narrowly escaped losing £600,000 in the Icelandic banking crisis.

The Rainbows Children's Hospice in Loughborough, Leicestershire, withdrew the money from Icelandic bank Kaupthing Singer & Friedlander only two weeks before the bank went into administration.

Amid general unease in the banking sector, the charity added the safety of its deposits to the agenda of a routine board meeting in mid-September.

The board decided to immediately move all overseas deposits to UK high-street banks with triple-A credit ratings.

Geoff Ellis, chief executive at Rainbows, said the charity was lucky. "It's not that we were clever, it was just a great stroke of good fortune," he said. "We are hugely relieved."

Ellis said the charity was talking to advisers about how it would deal with its cash in the future. "We are risk-averse," he said. "We have an enormous responsibility given that our funds are publicly donated."

The money had been raised by the public for the charity's appeal to raise £4m to extend its facilities.

Gemma McKenna recommends

Kaupthing Singer and Friedlander

Read more

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Register
Already registered?
Sign in

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus