Anyone read the times article re CP investment in Iceland?

[Liz]

Was speaking to a couple of CP mates today and they advise they have had their bank accounts raided by CP Headquarters for day to day running costs due to this incident - both are very affluent branches but are a bit *issed off as they have running costs to!!!!!!!!!

Both are treasurers for different big branches

[Rosella moggy]

Oh hell. So sorry to hear this   

[Ela]

At first I wondered why they have so much money in reserve but I'm no economist  ) and I'm sure they have to look at the big picture re sustainability etc long term?

I think they like to have 2 years running costs in hand to ensure they always have enough money to pay for whatever is needed and no cats will suffer.

[Mark]

Apparently, they had £12million invested in Icelandic banks that they could lose. This has put two potential adoption centres being built at risk - Leeds and Belfast. Peter Hepburn is quoted as saying the £12million represents 16% of CP money invested so they still have money to pay salaries and bills - and most importantly enough money to look after the cats in CP care.

At first I wondered why they have so much money in reserve but I'm no economist  -(on a large scale anyway  ) and I'm sure they have to look at the big picture re sustainability etc long term?