NCVO in emergency talks with Treasury as charities fear £120m lost

The Icelandic banking crisis could cost the sector £120m, the NCVO and Cass Business School have warned.

The organisations came up with the estimate, which is understood to be a conservative figure, after it emerged a number of charities were holding large deposits in failed banks in Iceland.
The NCVO is due to have an emergency meeting at the Treasury this afternoon to call on the Government to protect the funds that charities stand to lose.
A spokesman for the NCVO said seven of its members had reported funds totalling £20m in Icelandic bank accounts.
It comes after chief executives body Acevo revealed that three of its members had reserves adding up to £25m in Iceland

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