As the world's financial markets go down quicker than a wannabe WAG in a bar full of footballers, the Icelandic banking collapse has claimed at least one high-profile local victim. Wirral Council had the relatively small sum of £2m invested with Heritable, a subsidiary of Landsbanki (http://www.guardian.co.uk/politics/2008/oct/10/localgovernment-iceland ). Wirral's council taxpayers will doubtless be alarmed by the news. However, other local authorities have lost at least twice as much from their Icelandic investments.
There's no word yet on whether Liverpool, Sefton, Knowsley & St Helens have also been affected. It would certainly round off 2008 nicely if an ashen-faced Warren Bradley stepped forth to reveal that, in addition to the £20m debt accrued from culture year, another couple of million quid had disappeared down an Icelandic geyser.