Museum's funds in Icelandic bank

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Museum's funds in Icelandic bank

Oct 16, 2008

A museum in Greater Manchester has revealed that it had placed £900,000 of its savings in a failed Icelandic bank.

The Museum of Science & Industry (MOSI)in Manchester put the money in Kaupthing Singer & Friedlander (KSF) to cover future projects.

Steve Davies, director of MOSI, said his 120 employees' jobs were safe and the museum would would not be introducing entrance fees.

KSF bank is registered in the UK by an Icelandic parent company.

'Secure investment'

Mr Davies added: "The museum's finances are in good order but this money is an important part of our reserves, which we hope to use to develop our popular education programme.

"We'll be making every effort to secure our investment so we can continue with our educational plans, and look to our friends and natural partners to help us in this endeavour."

He confirmed he was lobbying Government in an effort to recoup the money and had written to every Manchester MP to highlight the funding problem.

MOSI is a registered charity and has an annual income of around £5.5m and more than 100,000 school children visited the attraction last year.

The museum receives a government subsidy to provide free entrance to the public and insisted it would not have to introduce fees.

Source: BBC

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