The turmoil affecting the financial markets has had a devastating effect on Iceland. The collapse of its leading banks has left many UK councils, charities and organisations exposed as they had taken advantage of good savings rates and deposited their money abroad.
The good news for Greenwich residents is that the council has issued a statement saying that Greenwich Council had no savings in Icelandic bank, Landsbanki.
Other councils were not so lucky, with reports suggesting that over 100 authorities had Icelandic accounts, with some even using them to deposit money earmarked for employee salaries.