Third sector umbrella bodies NCVO, Acevo, the Charities Aid Foundation, the Charity Finance Directors’ Group and the Charity Commission, have this week released figures they gathered in their September survey detailing charity losses in the Icelandic bank collapse.
The survey results, released following a consultation with government ministers, suggest that charities have lost between £86.6 and £200 million in the recent Icelandic banking troubles.
Sector representatives present at the consultation urged the government to act quickly and suggested the implementation of a loan guarantee scheme for charities that have lost money.
Posted in Sector News
Tagged Acevo, charities, Charities Aid Foundation, Charity Commission, Charity Finance Director Group, consultation, government ministers, Icelandic bank collapse, NCVO, survey, third sector
Following their meeting with third sector minister Kevin Brennan this week, chief executives from umbrella bodies NCVO, Acevo, the Charity Finance Director’s Group and the Charities Aid Foundation have announced they will not make public the figures they have gathered in relation to the amount of charity money lost in the Icelandic bank collapse.
Ralph Michell, Acevo’s policy advocate, yesterday commented that the meeting with Government had been “constructive” and revealed it is hoped that the third sector minister will, “come back with an answer in the near future”.
Source: Third Sector
Reassurance for smaller charities caught in credit crunch crisis…
Speaking on behalf of Gordon Brown at Prime Minister’s Questions yesterday, Harriet Harmon, Leader of the House of Commons, reassured small charities that any funds they have deposited in Icelandic banks are safe. According to Harmon, small charities would receive the same protection as individuals, with any assets up to the value of £50,000 being protected against loss.
This confirmation comes at the end of a turbulent week for the voluntary and charity sectors. Voluntary groups and charitable organisations have reacted with frustration and disappointment at the government’s apparent lack of concern for them and spoken out about the “serious threat” of the credit crunch on their existence.
Harmon went on to add that work was also being carried out on behalf of larger charities. It is hoped that a cash injection of £100 million and the freezing of Icelandic bank assets will safeguard any deposits belonging to larger charitable organisations.
Read the latest guidance from the Charity Commission on this matter here:
Source: Charity Commission