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The collapse of the Icelandic Banks in 2008 was a costly event for many Local Authorities with invested funds, Saffron’s Chief Executive Andy Golding believes that had local authorities stuck to investing in local building societies they could have achieved good returns and reduced risk.

He says: “Hindsight is a wonderful thing but recent experiences have proven the simple business model offered by building societies is successful in delivering sustainable and strong returns. The Local Authority move to offshore investing was made in pursuit of bigger returns, and it backfired, but there’s no need to sacrifice returns for the sake of a safer investment”.

“Local authorities and building societies have worked together for many years and now the time is right for that relationship to develop further. Regional building societies working with local authorities can deliver good...

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