Out in the cold?
Ernese Skinner shares why she thinks the government must compensate charities caught up in the Iceland banking crisis...
As the Icelandic banking crisis played out last month it quickly became apparent to CFDG that a number of its members had savings in Icelandic banks, and that they were not covered under the Financial Services Compensation Scheme (see News review from November 2008 for more details of this scheme). A quick count on the first day of the crisis showed 10 members with a combined loss of about £40m. We immediately wrote to the Chancellor of the Exchequer to highlight this situation and to call on him to make full compensation available to cover all losses made by charities in this situation whatever the type of account the charity had and whatever its legal structure or size.
Author: Ernese Skinner
Ernese Skinner is policy and campaings manager at CFDG. She has moved into the charity sector from the Office of Government Commerce, an independent office of HM Treasury.
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