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.

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