Museum cash in Icelandic bank

A MUSEUM revealed today 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.

Steve Davies, director of MOSI, said the money was earmarked for future educational programmes involving primary school children and heritage projects.

He said: “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.

“Many primary school children in the North-West visit the museum on field trips as the museum’s inspiring interpretation of history and science helps to bring the national curriculum to life.”

Mr Davies said he has written to every Manchester MP and was lobbying Government in an effort to recoup the money.

He said: “We are part and parcel of the fabric of Manchester and we deserve support.”

He said he has assured his 120 employees that their jobs are safe.

Mr Davies revealed that MOSI attempted to extract the money on October 8, two days before it matured, but “we were overtaken by events”.