Channel 4 News contacted all 102 of the English councils with money frozen in Icelandic banks. We asked them a) which credit ratings agencies they used, or which financial advice they received? And b) when, how much, and with who was their most recent deposit with an Icelandic bank made?

A total of 75 councils provided full responses which can be detailed like-for-like. They are detailed below.

North East Lincolnshire – 3 October 2008 - £1.5m a) The Council does not make direct use of credit rating agencies. The Investment Strategy is informed by Butlers, a division of ICAP, who use a combination of Fitch, Moody’s and S&P ratings to advise the Council of suitable institutions for investment. b) 03/10/08 £1.5m in Landsbanki.

London Borough of Havering – 1 October 2008 - £2m a) Fitch and Moody’s. b) £2m 1st October – Heritable Bank.

London Borough of Sutton council – 30 September 2008 - £2m a) The Council employs Sector as our Treasury Management advisors. Sector pay regard to credit ratings supplied by Fitch, Moody’s and Standard and Poor’s. b) Heritable Bank plc, a UK subsidiary of Landsbanki. The deposit placed was: 30th September 2008 £2.0m. The deposit on the 30th September was made at 9.20 am on the morning of 30th September, before the credit ratings changed that afternoon.

Restormel Borough Council – 29 September 2008 - £3m a) Fitch and Moody’s. b) Yes - £3 million 29th September 2008. Landsbanki Islands.

Haringey Council – 29 September 2008 - £4.357m a) The Council utilises the Creditworthiness service provided by its appointed treasury advisors Sector Treasury Services Ltd. Sector’s service in turn utilises credit ratings supplied by Fitch and Moody’s. b) The Council deposited a total of £48.2 million in Icelandic banks during the period 2 May 2008 to 29 September 2008. Landsbanki Islands 2.257m and 2.1m in Heritable Bank on September 29th.

Aylesbury Vale District Council – 29 September 2008 - £2m a) The council uses the credit ratings supplied by Moodys and Fitch. b) 29th September 2008 £2m to Landsbanki.

Wiltshire County Council – 25 September 2008 - £2m a) The County Council uses ratings published by Fitch Ratings. b) 25/09/08 Heritable £2m Rotherham Metropolitan Borough Council – 24 September 2008 - £1.8m a) The Council’s strategy is drawn up with advice from Butlers (a division of ICAP Securities Ltd) who are specialist advisers on Treasury Management issues to a large number of local (and other public) authorities and approved by the Council. As part of Butlers’ service they provide daily updating of any credit rating changes. b) On 24/09/08 the Council deposited £1.8m of surplus funds with Heritable Bank Ltd (UK) for one month. At that time Heritable had a high credit rating.

Vale of White Horse District Council – 24 September 2008 - £1m a) ANSWER: We have used Moody’s, Standard & Poor’s and Fitch throughout. b) ANSWER: £3m Landsbanki Islands made 02.06.08 repaid 19.06.08 £1m Landsbanki Islands made 24.09.08 due to be repaid 19.10.08

Cheshire County Council – 23 September 2008 - £5m a) The credit rating agency used by to assess the creditworthiness of banks and building societies is Fitch. b) 23rd September £5.0 million Heritable Bank (Heritable)

South Ribble Borough Council – 23 September 2008 - £1m a) Fitch, Moody’s & S&P. b) 23rd September 2008 £1m Heritable Bank

Hertfordshire County Council - 19 September 2008 - £5m a) It is there, we have used three credit rating agencies - Fitch, Moody's and Standard & Poors. b) 19/09/2008 Heritable Bank £5m.

Nottingham City Council - 19 September 2008 - £7.5m a) During the last 12 months Nottingham City Council has based its investment counterparty list on credit ratings supplied by 3 agencies –Fitch IBCA, Moodys and Standard & Poors. b) 19/09/08 - £7.5m in Landsbanki.

Winchester City Council - 16 September 2008 - £1m a) Winchester City Council uses the lowest common denominator approach using information provided by 3 rating agencies; Fitch, Moody's and Standard & Poors. b) Winchester City Council made an investment of £1m with Heritable Bank Limited on 16th September 2008.

Brent Council – 15 September 2008 - £5m a) The credit rating agencies were Standard @ Poors, Fitch and Moodys. b) Glitnir 5.0 15/09/08 12/12/08 Epping Forest District Council - 15 September 2008 - £1m a) The Council uses fitch, moody and standard and Poor. b) 15th of September 2008; £1m in Heritable

Tamworth Borough Council – 15 September 2008 - £1m a) We currently use the ratings from 3 agencies to inform investment decisions – Fitch, Moody’s and Standard & Poor’s b) Heritable Bank – 15th Sept - £1m

Mid Devon District Council – 15 September 2008 - £1.1m a) Credit agencies used for Banks - Fitch Ratings Credit agencies used for Building Societies - Moody's Ratings b) 15/09/08. Heritable £1,100,000

Newcastle-under-Lyme Borough Council – 14 September 2008 - £2.5m a) The Council uses the 3 main rating agencies when looking at the credit worthiness of banks and building societies, these are Moodys, Standard and Poors and Fitch. b) We did not invest in an Icelandic Bank during this period, however we invested in Heritable Bank (a UK bank regulated by the FSA) on 27th August, the deposit made was £1m (this matured and was returned to the Council during September) and on 14th September, the deposit made was £2.5m (this has not yet matured).

North Lincolnshire Council – 12 September 2008 - £1m a) Moody's Investors Service and Fitch Ratings b) 12 September 2008. Heritable Bank Ltd. £1m fixed to 13 March 2009.

Northumberland County Council – 10 September 2008 - £1m a) The Council has used Fitch Ratings in the past 12 months to establish credit worthiness of banks and building societies. b) Landesbanki. £1m 10/09/2008.

Colchester Borough Council - 10 September 2008 - £1m a) Predominantly FITCH ratings, although we refer to Moody’s as well. b) Landsbanki Islands. £1m. 10/09/08.

Chorley Council – 9 September 2008 - £2m a) The Council uses both Fitch and Moody’s rating agencies as some institutions are not covered using just one agency. b) In the period 2nd of May '08 to the 29th September '08, Chorley Council had £2m invested in Landsbanki from 9/06/08 - 9/09/08 inclusive and rolled this over on 9/09/08 until 9/12/08. East Staffordshire Borough Council – 8 September 2008 - £2m a) Fitch ratings are used. If a counterparty does not have a credit rating the equivalent Moody’s rating is used if there is one. b) Singer & Friedlander. £2m 8/09/2008

Cambridge City Council - 5 September 2008 - £2m a) The Council uses both Fitch & Moody’s ratings supplied by its Treasury Management Advisers to derive its criteria for lending as outlined in the Annual Treasury Management Strategy. b) £2m into Heritable Bank Ltd on 5th September

Oxford City Council – 5 September 2008 - £1m a) The Council uses the following rating agencies: Fitch, Moody’s, Standard and Poor’s b) £1,000,000 lent with Heritable on 5th September 2008 to be repaid 9th Dec 08

Doncaster Council - 3 September 2008 - £3m a) Fitch Ratings and Moody's b) deposit of £3m was placed on 03/09/08 Landsbanki Islands

Ipswich Borough Council – 2 September 2008 - £2m a) The Council has used Fitch, Moody's and Standard and Poors b) 02/09/2008 Lansbanki Islands £2,000,000

North District Council – 1 September 2008 - £1m a) District Council uses Moody's and Fitch. b) Heritable, £1m, 1st September 2008

North Somerset Council – 26 August 2008 - £1m a) North Somerset Council’s Investment Strategy refers to ratings provided by Fitch, although the Council does also receive information alerts from Moody’s. b) 26th of August £1m Landsbanki

Dorset County Council – 21 August 2008 – £4.6m a) the Council uses Fitch, Moodys and Standard & Poors and use the lowest rating for each counterparty. b) £4.6m in Heritable 21/08/08

Bristol City Council – 21 August 2008 - £3m a) Fitch & Moody's b) I confirm the last deposit made to an Icelandic Bank was on the 21st August 2008. £3m Landsbanki 21/08/08 - 23/03/2009 Nuneaton & Bedworth Borough Council - 21 August 2008 - £1m a) This council receives information from both Fitch and Moody’s rating agencies via the council's appointed treasury management advisors. b) Landsbanki Islands £1m 21 August 2008

West Lindsey – 15 August 2008 - £1.5m a) Fitch, Moody’s and S&P b) 15th August – Landsbanki Islands - £1.5m

Hertsmere Borough Council – 15 August 2008 - £1m a) Sector Treasury Services ltd. We use Fitch when making investment decisions. b) 15th August – Heritable Bank £1m

Reigate & Banstead BC – 14 August 2008 - £4m a) The Council primarily uses Fitch, but supplements that information with other information from both Moody's and S&P b) the Council invested £4m with Giltnir on the 14th August 2008

Lewes District Council – 12 August 2008 - £1m a) The Council engages independent specialists to provide us with Treasury Management advice through the year. As part of the service that we receive, we have access to Fitch and Moody's credit ratings. b) In the period 2 May to 29 September 2008 the Council made one new investment with an Icelandic bank. This was a deposit of £1m made with Landsbanki Island on 12 August 2008 and which is due to be repaid on 11 August 2009.

Stoke on Trent City Council – 8 August 2008 - £2m a) The Council primarily uses Fitch ratings, but also considers Moody's and Standard and Poors. b) August 8th Landsbanki £2m

Bolton Council – 31 July 2008 - £1m a) Fitch, Moody, Standard and Poor b) Heritable: £1m 3/7/08, £2m 30/07/08, £1m 31/7/08

Tonbridge & Malling Borough Council - 30 July 2008 - £1m a) Moodys and Fitch IBCA via Sector Treasury Services b) Landsbanki £1m 30 July 2008

Rushmoor Borough Council – 25 July 2008 - £1m a) Prior to 21 February 2008, Fitch From 21 February 2008 onwards, Fitch, Moodys and Standard and Poors b) above, the investment with Glitnir Bank ran from 25 July 2008, however commitment to enter into this deal had been agreed prior to this date (25 January 2008)

Buckinghamshire County Council - 21 July 2008 - £5m a) Buckinghamshire County Council uses Fitch ratings b) Landsbanki islands £5m 21st of July 2008

Rutland County Council – 15 July 2008 - £1m a) Fitch, Moodys’ S&P b) Heritable Bank, £1m 15-Jul-08

Great Yarmouth Borough Council – 15 July 2008 - £2m a) Butlers b) £2m with Heritable 15/7/08

Bassetlaw District Council - 9 July 2008 - £2m a) Fitch's but we do expect our Treasury Advisors, Butler's to deal with this on a day to day basis and update us on issues before investments are made. b) Heritable - 9th July, £2m

Daventry District Council – 3 July 2008 - £1m a) When do not have a contract with any credit agencies. We use the firm Sector, who provide a credit rating list using information from Fitch and Moody's b) Hertiable £1m 03/07/08

South Hams District Council - 23 June 2008 - £1.25m a) The Council uses Fitch credit ratings as supplied by Sector Treasury Services. b) The Council deposited £1,250,000 with the Heritable Bank - a bank registered in Great Britain but owned by Landsbanki an Icelandic registered bank in the period 2 May 2008 to 29 September 2008. The deposit was made on 23 June 2008.

Cornwall County Council – 19 June 2008 - £5m a) The Council predominantly relies on the ratings provided by FitchRatings, although ratings from Moodys Investors Services are also taken into consideration. b) Yes. A £10m deposit with Landsbanki Islands was made on 19th May 2008 and a £5m deposit with Landsbanki Islands was made on 19th June 2008.

Bolsover District Council - 16 May 2008 - £1m a) Fitch, Moodys, S&P b) £1m Landsbanki 16/5/08 Bracknell Forest Council – 15 May 2008 - £1m a) The Council has used Fitch as its primary credit rating agency in the past 12 months when looking at the credit worthiness of banks and building societies. b) Heritable Bank 15th May 2008 - £1m

Plymouth City Council – 12 May 2008 - £1m a) Answer : The Council mainly uses Fitch ratings but has also looked at Moody ratings. The ratings are sent to us by our Treasury Advisors, Sector Treasury Services b) Answer: The Council made 1 investment totalling £1m during this period to Landsbanki. (12 May 08) -364 days

Surrey County Council - 9 May 2008 - £5m a) The ratings agencies used by Surrey County Council in the last twelve months are Fitch, Moodys and Standard and Poors. b) 9th of May £5m in Kaupthing Singer and Friedlander

High Peak Borough Council – 1 May 2008 - £1.3m a) The Council’s investment decisions are based on information supplied by Sector Treasury Services (the Council’s advisers) which incorporates ratings from both Fitch and Moody’s credit rating agencies. b) Further to the e-mail below, the most recent deposit we made with an Icelandic Bank was with Landsbanki Islands HF on the 1st May 2008 (£1,300,000). The maturity date being the 1st August 2008.

Gateshead Council – 30 April 2008 - £1m a) Gateshead Council uses ratings provided by Fitch b) 30/04/2008. Kaupthing, Singer & Friedlander. £1m

Braintree District Council - 14 April 2008 - £2m a) Moody's, Standard and Poor and Fitch b) Kaupthing £1 million on 14th April 2008. Singer and Freidlander - £1 million on 14th April 2008

Rugby Borough Council – 11 April 2008 - £1m a) Credit Rating Agencies - Fitch, Moodys, And Standard & Poors. b) £1,000,000 invested with Kaupthing Singer & Friedlander on 11/04/2008.It was repaid with interest on 11/07/2008.

Gloucestershire County Council - 8 April 2008 - £1.6m a) The council does not subscribe to any credit rating agencies. However we are advised of credit ratings via our investment advisors who currently use Moodys and Fitch. b) Kaupthing Singer and Friedlander £1.6m on 8th April 2008 District Council – 2 April 2008 - £1m a) Moody's Credit Rating Agency b) Yes - £1m in Landsbanki - 2 April 2008

Solihull MBC – 2 April 2008 - £1m a) The credit rating agencies we use are Fitch, Moody’s and Standard & Poor’s. These are supplied to the Council as part of our contract with Butlers. b) £1m with Kauphthing to 31 March 2009. (A forward deal made 18 June 2007 to run from 2 April 2008).

Cotswold District Council – 1 April 2008 – £1.6m a) The credit rating agency we use is Sector Treasury Services Ltd. b) Glitnir Bank 01/04/08 £1.6m

Somerset County Council - 1 April 2008 - £20m a) The County Council's Counterparty Criteria specifically refers to Fitch and so all investments are checked against this at the time of investment. Moody's and S&P are referred to on an ad-hoc basis. b) 3988 Kaupthing Singer & Friedlander 01/04/08 £5m 3989 Kaupthing Singer & Friedlander 01/04/08 £5m 3990 Glitnir 01/04/08 £5m 3991 Landsbanki Islands 01/04/08 £5m

Uttlesford District Council – 1 April 2008 - £1.5m a) Our Investment Advisors, Butlers, advise the Council by email of the credit ratings of counterparties as issued by the Fitch, Moodys and Standard and Poors rating agencies including variations to ratings as they are published by the agencies. b) On 1st April 2008 a deposit of £1.5m was made with Glitnir Bank.

Amber Valley Borough Council – 1 April 2008 - £1m a) The Council uses the following agencies:- Fitch Moody’s Standard & Poors The Council uses and approach termed the lowest common denominator and as such takes account of all three agency’s ratings for each counterparty, rather than just using one particular agency’s ratings. b) The Council made two investments during this period:-

£1,000,000 with Kaupthing Singer & Friedlander on 20 March 2008 till 19 March 2009 (this was a forward deal with the deposit being made on 11 April 2008)

£1,000,000 with Kaupthing Singer & Friedlander on 1 April 2008 returned on 18 April 2008 Norfolk County Council - 20 March 2008 - £5m a) The council uses a combination of Fitch & Moody’s credit ratings to assess the credit worthiness of banks and building societies. b) £5m in Glitnir – 20th March 2008.

Canterbury Council – 14 March 2008 - £2m a) The council's Treasury Management Strategy is based on Fitch ratings, but the council also has regard to Moodys and Standard and Poor ratings as well. b) The council deposited £2m with Glitnir bank on 14 March 2008.

Kirklees Council - 7 March 2008 - £2m a) Fitch and Moody’s – information accessed via Sterling Consultancy Services (KMC’s treasury advisors). b) Glitnir Bank £2m 7th March 2008

Charnwood Borough Council – 10 March 2008 - £1m a) The Council takes treasury management advice from Sector and follows it's Guide to Establishing Credit Policies. The guide is predominantly based upon Fitch ratings. If an institution is rated by Fitch and Fitch provides a rating for all four ratings, long term, short term, individual and support then Sector's guide is based purely on these ratings. If Fitch does not provide ratings for either the long term, short term or individual ratings, the Moody's equivalent rating will be used in place of the Fitch rating. b) 10 March 2008 – Giltnir - £1m

Breckland Council - 7 March 2008 - £2m a) Fitch & Moody’s b) £2,000,000 Kaupthing, Singer & Friedlander 07.03.08

Gloucester City Council - 25 February 2008 - £2m a) Fitch, Moody's, S & P b) Heritable Bank Ltd £2m 25/02/2008

Ealing Council – 19 February 2008 - £1m a) Fitch b) £1m in Landsbanki Islands – 19 Feb

Dover District Council – 18 February 2008 - £2m a) Fitch and Moody b) Says Feb 18th: Heritable £1m & Landisbanke £1m Peterborough City Council – 8 February 2008 - £2m a) The Council uses ratings provided by Fitch in the main but refers to Moody’s ratings as well. The Council also utilises the services of Sector Treasury Services Ltd for its treasury activities. b) £2m with Glitnir on February 8th 2008.

Newark District Council - February 2008 - £1m a) The Council take guidance from an independent Treasury Management Advise Organisation called Butlers. Advise is also taken from the three main credit rating organisations who are Fitch, Moodys and Standard & Poors. The Council has a list of approved counterparties for lending. This shows a list of all financial institutions and their financial standing and credit worthiness which meet the Council’s lending criteria. This list is reissued on a monthly basis but revised during the month to take account of any changes in ratings. b) Kaupthing Singer & Friendland £1M in February 2008

East Lindsey Council – 30 January 2008 – £1m a) When making investment decisions over the past 12 months the Council has taken into account the ratings assigned to banks and building societies by "FITCH". b) We have not made any investments with the Icelandic Banks or their UK Subsidiaries since 30th January 2008. £1m in Glitnir Bank.

Tewkesbury Borough Council – 21 January 2008 - £1m a) The Council uses Fitch ratings to assess its counterparties whilst being aware of Moody’s assessment of counterparties. b) The last deposit with Icelandic banks was made on the 21st January 2008. Landsbanki - £1m

Wycombe District Council – 15 January 2008 – £2.5m a) Council has used, and still use, Fitch, Standard & Poors, and Moodys credit rating agencies. b) 15th January 2008. Glitnir £2.5m

Derwentside District Council – 15 January 2008 - £2.5m a) The Council receives updates provided by the three main credit rating agencies (Moody, Standard and Poor, and Fitch) on a daily basis from our Treasury Advisors. We operate a "Lowest Common Denominator" approach to ratings, in that, if a counterparty is rated by more than one rating agency, then the lowest rating is used when assessing the suitability of the counterparty. b) "The last deposit DC made with an Icelandic bank was on the 15 January 2008, with Heritable Bank. We deposited £2.5m for a fixed term to the 4th June 2008 and received our investment back in full, plus interest".

Wakefield Council – January 2008 - £6m a) The Council has used Fitch, Standard & Poor's and Moody's rating agencies. b) The £ 3m deposit with Glitnir was made in October 2007, the £ 3m deposit with Landsbanki and the £ 3m deposit with Heritable were both made in January 2008. Each of these deposits was made for a period of less than a year.

South Oxfordshire District Council – 18 December 2007 – £2.5m a) In order to assess the credit worthiness of banks,building societies and other organisations we set out and agree the criteria that must be met each year in our Treasury Management Strategy, which is approved by Council. The information that we use to assess and review the credit rating of counterparties incorporates information from the three main credit ratings agencies: FITCH, Moody's and Standard & Poors. b) No further investments were placed with Icelandic banks in addition to those already held and listed in b) above after the 18th December 2007. Kaupthing Singer & Friedlander (KSF) for £2,500,000 in July 2007. This deposit was a forward dated, fixed term deposit which was agreed on the 2nd July 2007, for the period December 2007 to December 2008. This means that although the funds were not deposited to KSF until December 2007, there was a legally binding commitment from July 2007.

Exeter City Council – 7 December 2007 - £2m a) We get a counterparty list from Sterling International Brokers, which is based on Fitch and Moody's credit ratings. b) We placed £3m for 364 days with Landsbanki on 5/11/07. We placed £2m for 364 days with Glitnir on 7/12/07. These were our only dealings in the year with Icelandic banks.

Wirral Council – 30 November 2007 - £3m a) Prior to December 2007 WBC used Fitch Ratings, we constructed a list of institutions based on their information. After December 2007 we appointed Arlingclose as our Treasury Managem ent Advisors. They provided us with a regularly updated Approved Counterparty list which did not included Icelandic Banks. b) 30-Nov-07 - £3m Heritable Bank

West Oxfordshire District Council - 31 August 2007 - £3m a) The Council uses ratings from Fitch, Moody’s and Standard and Poor’s. b) Glitnir £3m 31/08/07

Cherwell District Council – 31 August 2007 - £2.5m a) We have a contract in place with Butlers to provide information on credit agencies and advise on strategy. Butlers also provides information on any changes to credit ratings which are received from S+P, Moodys and Fitch, within parameters set by the Authority, for which Butlers charge an annual fee. b) Glitnir £2.5m 31/08/07

Wychavon District Council - August 2007 - £1.5m a) One credit rating agency - Standard and Poor b) One investment made - £1.5m invested in August 2007 to Landsbanki, which is due to mature on 1st September 2009. Bromley Council – 28 June 2007 - £5m a) Butlers b) Heritable Bank £5m invested for 2 years from 28/6/07.

Sevenoaks District Council – 25 June 2007 - £2m a) The Council uses Fitch Ratings as its primary source and Moody's Investors Service where no information is available via Fitch Ratings. b) Landsbanki - £1m from 25/6/07 to 25/6/09. Glitnir - £1m from 25/6/07 to 25/6/08

Purbeck District Council – 17 April 2007 - £1m a) Council uses a “lowest common denominator” Counterparty List when looking at the credit worthiness of banks and Building Societies, with this list containing information from Fitch, Moody’s and S & P. However, we predominantly use the Fitch rating when making investment decisions. b) Purbeck District Council had investments of £1M with Landsbanki and £1M with GLITNIR in the past twelve months. Both £1M investments are long term deposits taken up on 4th May 2006 and 17th April 2007, respectively. Therefore, at the end of each calendar month, our total investment was £2m.