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Icelandic bank losses kept secret

By Mathew Little, Third Sector Online, 29 October 2008

Sector representatives will not publicly reveal losses by charities in the Icelandic banking collapse, after a meeting with the Government.

Chief executives from the umbrella bodies the NCVO, Acevo, the Charity Finance Directors' Group and the Charities Aid Foundation met third sector minister Kevin Brennan and Treasury officials last night to present them with survey results estimating how much charities have lost in the crisis.

But they say it was agreed in the meeting that the figures would not be made public.

The bodies say they are hopeful for quick results for charities that have seen potentially million of pounds of reserves disappear in the banking failures.

Ralph Michell, policy advocate at chief executives' body Acevo, said: "It was a constructive meeting. They took away the points that we made and promised to consider them and come back with an answer in the near future.

"We impressed on them very strongly that we need an answer as soon as possible."