CAF to give evidence on Icelandic banking crisis to MPs

Finance | Vibeka Mair | 22 Jan 2009

John Low, chief executive of the Charities Aid Foundation (CAF), will give evidence on the Icelandic banking collapse and its impact on charities to the Commons Treasury Select Committee inquiry into the banking crisis next month.

It is known that at least £86m of charity money was held in Icelandic banks when they collapsed last October and some estimates suggest the figure could be £200m or more.

On 3 February, Low (pictured) will join a panel of witnesses called to give evidence on the “protection of UK citizens investing funds in non-UK jurisdictions”.

The panel of witnesses joining Low include depositor action groups and authorities from the Isle of Man and Guernsey, the Local Government Association, Association of Independent Financial Advisors and the former chief executive of Singer and Friedlander.

Low said: “Vitally important funds deposited by charities have been put at risk by the collapse of banks in non-UK jurisdictions and uncertainty about compensation is already having a serious impact on their work.

"Charities are the last safety net for many in society during an economic crisis and it is important that the Treasury Select Committee fully considers the inadequate protection of charity deposits exposed by recent events.”

Directory: Charities Aid Foundation
Who's Who: Vibeka Mair

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