Wokingham Liberal Democrats were extremely surprised to learn that the Cllr Anthony Pollock, the Executive Member for Council Budgets, was unable to give a full, up to date assessment of how much money the Council will lose as a result of its failed investments in collapsed Icelandic banks.
Cllr Malcolm Armstrong (Liberal Democrat councillor for Winnersh) said: ‘With over £1 million of Wokingham council tax payers’ money still at risk, I would expect Cllr Pollock to have a full grasp of the details relating to the current situation in Iceland. But when I asked him a question about it at the Council meeting on Thursday, he admitted that he didn’t know.
‘The Executive Member for Council Budgets, with responsibility for investments, should have a crystal clear understanding of what is happening with the Council’s money. I am still in the dark as to whether this missing million will ever be recovered. Council tax payers have the right to know what has happened to their money, and the Conservative administration has a duty to keep them informed. This cannot just be swept under the carpet.
‘It was odd that during the same meeting Cllr Pollock presumed to give advice to town councils on how to manage their investments, when his own record of managing the borough council’s investments is so blighted by the Icelandic bank fiasco.’