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The BP oil slick in the Gulf of Mexico has been one of the worst environmental disasters in recent history.
And the financial implications of the incident are even impacting the Channel Islands.In Jersey the Treasury Department says it's BP shares have dropped £2.2. million in value. Guernsey's Social Security Department holds shares in the company to the value of 3.9 million, that's a million down on their purchase price.
But Guernsey's Social Security Minister Mark Dorey still insists the impact is minimal.
He said: "It is only a small proportion, it obviously has a very small effect, but it is not substantial in relation to the fund. Remember the fund is a buffer fund, which because the majority of our pensions come from contributions, but this is a buffer fund."
Posted By: Joe, St Peter on 29-Jul-2010
They weren't sold OJ, for the same reason most of the pension funds internationally didn't sell them, because investments can go down as well as up. Long term, BP are still a good investment. Still, wouldn't want the truth to get in the way of an anti-ministerial rant, would we...?
Posted By: Kate on 29-Jul-2010
£2.2 mio - only nearly 13 years worth of diabetes subsidies
Posted By: Neil on 28-Jul-2010
nothing will change, same old same old!! Dont worry everyone the rise in GST to 5% will plug it!!!!
Posted By: OJ of Grouville on 28-Jul-2010
Yet again £2.2 million down the big black hole and Ozouf still in charge. This could not happen in the private sector without heads rolling. I do hope that Ozouf does the right thing and resigns with immediate affect along with the Treasury chief officer. How is it not possible for these people to have foreseen what will happen to BP in the light of what has occurred in the US golf coast. Wasn't the writing on the wall or does it not matter when you are dealing with other peoples taxes and pensions. Why wasn't the shares sold when the news broke ??
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28/07/2010
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