This money is not lost, but at risk. I have made regulations to enable English authorities to postpone any possible budgetary impact of the capital loss until 2010-11 and to protect the public from potential service cuts or council tax increases this year.
CLG has published a statistical release on local authority Icelandic Bank Investments as at 31 December 2008. This includes a full list of English local authorities affected. Revised figures were published on 6 April 2009 and are available at: