Council finance chiefs have pulled £4.5 million they had banked with Santander after speculation about the state of the institution’s Spanish parent company.
Brighton and Hove City Council yesterday followed Sussex Police Authority in withdrawing its cash because of fears for the Spanish economy.
Local authorities are keen to avoid a repeat of the situation in 2008 when millions of pounds of taxpayers’ money were tied up in Icelandic banks which collapsed.
*For the full story see The Argus today.
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