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Charities' money trapped in Icelandic banks

Charities are struggling to retrieve millions of pounds put on deposit with collapsed Icelandic banks.
One so far unidentified Scottish charity had its entire £3m reserves on account in Iceland.
Meanwhile, the Sightsavers International charity, which has a fundraising branch in Edinburgh, had £800,000 on deposit with the failed Kaupthing Singer & Friedlander bank.
Martin Sime, chief executive of the Scottish Council for Voluntary Organisations, said he was trying to meet with the new Scotland Secretary Jim Murphy to seek Government help.
Sightsavers International is not as heavily exposed, but a spokeswoman said it was seeking compensation. "Like a number of other charities, in order to spread risk Sightsavers International holds its cash reserves in a range of different banks, one of which was Kaupthing Singer & Friedlander, where we held a deposit of £800,000.

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