A COUNCIL leader has praised his finance chief for saving the local authority millions.
Hyndburn Council Finance Director Joe McIntyre moved the cash from collapsed Icelandic bank Landsbanki into Irish financial institutions.
Chorley and Burnley borough councils and Lancashire County Councils had a total of £13 million in the banks which is now at risk.
Hyndburn Council leader Peter Britcliffe said: “I am so pleased with our finance director Joe McIntyre and his team who have so skillfully avoided similar problems with Hyndburn’s funds.
“However there continues to be serious financial instability and we never know what may happen next.
“I have my fingers crossed and we are proceeding very cautiously so that Hyndburn won’t be affected at some future stage.”
Coun Britcliffe said that they had money with Northern Rock and that had left them ‘extra careful’.
He said: “We have sacrificed the chance of higher interest rates for the security of safer bank accounts and that decision has paid off, it seems.”
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