Credit Crunch Hits Cats Protection
The gloomy economic climate is set to have an impact on the UK’s main cat charity, Cats Protection. The charity has just written to all its members to inform them that they have been one of the companies hit by the Icelandic banking crisis. The Cats Protection has used this banking system for some time to maximise the donations received from the general public and businesses. They had invested in Kaupthing Singer and Friedlander, a UK based bank owned by an Icelandic group. This bacnk was chosen due to its high credit rating and the charity banked there from 2005 with confidence. Funds held there accumulated to £11.2 million.
The Cats Protection had even given 90 days notice on the bank in September this year as it regularly checks the credit ratings of the banks used. However the bank went into administration on 8th October and Cats Protection became another in a long line of victims of the credit crunch.
The charity is fighting to get the funds back as although they are able to continue on a day-to-day basis the money was set aside for longer term projects such as building new adoption centres. Given that the credit crunch is likely to cause more people to want to give up their cats this is a facility that will be required to meet the demand.
Some things I've noticed
| Interested in Charity Wristbands ? |